Property air rights regulations are important to real estate developers and investors, particularly in densely populated cities like New York. Property owners have the right to build on the unused space above their land, and they may also sell or transfer these rights to other property owners. The value of a property is often determined by the size and height of its building, and this may be affected by property air rights regulations. These laws are determined by zoning rules and the height restrictions of the surrounding area. Read more https://www.sellmyphillyhouse.com/
The principle of property air rights stems from the legal maxim Cuius est solum, eius est usque ad coelum et ad infero (“Whoever owns the soil has it up to heaven and down to hell”). This principle has led to the development of skyscrapers in some very crowded cities around the world. In order to maximize the use of a site, it is common for developers to split their property into different parcels and utilize the space above. This is known as a land swap. This process usually involves the sale of the property and a purchase of an air rights parcel. The process of acquiring air rights requires the acquisition of a caisson or column lot, which is essential for the structural support of a building. The cost of purchasing an air rights parcel can be expensive and time consuming, but it can provide the opportunity for greater profits.
Air rights are a valuable asset in NYC because they determine how high developers can build on their property. They can be transferred or merged, and this is a significant factor in the price of real estate. Typically, property owners in urban areas can build up to a maximum height set by the local zoning regulations. This limit is typically based on the floor-to-area ratio (FAR) rules of the zoning district in which the property is located.
If a developer wants to construct a larger building than what is permitted on their property, they can often buy the air rights of adjacent properties and merge them together. This is a common practice in NYC, and it allows developers to increase the floor-area of their buildings without incurring additional construction costs on their own.
Although most air rights transfers are done through zoning lot mergers, there are other methods of transferring them. In some locations, such as the East Midtown Subdistrict in Manhattan, air rights can be transferred to sites outside of the zoning lot boundary.
Property owners can also sell their air rights to other developers or even to city governments for use in public works projects. For example, Chicago has built a park over an elevated railway track, and Santa Cruz, California, allowed a private company to build a hotel on a parking lot. This type of development has the benefit of bringing in tax revenue, and it also helps to alleviate a shortage of affordable housing. This trend is expected to continue, especially as the need for space grows.
