air rights (ny)

[DanBuck]

Q-Need advice here.

Does anyone here know what the price per square foot of air(that has buildable rights) is in NYC/Manhattan. Zoning is midtown commercial C6-4 zoning .
(also similar to any zoning between C6-2 -C6-9)

Just to follow up with another question. Whatever that price is; what if it can only be transferred to adjacent properties? Does that diminish its value and if so-by how much...

Thanks Y'all

 

[JTip]

Sounds like a $7,500 question.....$2,500 for the follow up.....

 

[DanBuck]

Sounds like a $7,500 question.....$2,500 for the follow up.....

LOl..ye wish that were the fee anyways

 

[Pilgrum]

Air Rights appraisal? Over your head. Don't you think? Pun intended.
What does your mentor say?

 

[DanBuck]

Air Rights appraisal? Over your head. Don't you think? Pun intended.
What does your mentor say?

I disagree. Mentor is considering the advice from the forum on this one.

We're at about $200 per SF of air rights in this area (unlike "lost causes" posting of $600 per sf two months ago which is in other neighborhoods) based on local publications and surveys..If you can help verify that or contribute advice that would be welcome..

 

[Howard Klahr]

Don't you need to quantify more details regarding your "air rights"? What specific elevations are being transferred? Details pertaining to support penetrations into surface rights? Or is this just a transfer of development rights? If so, what quantity of developable rights are being transferred?

Too many unanswered questions for an off the cuff comment about value.

 

[DanBuck]

Don't you need to quantify more details regarding your "air rights"? What specific elevations are being transferred? Details pertaining to support penetrations into surface rights? Or is this just a transfer of development rights? If so, what quantity of developable rights are being transferred?

Too many unanswered questions for an off the cuff comment about value.

It would be a transfer of development rights..quantity if your referring to actual sf is about 20,000 SF..

 

[Howard Klahr]

Is that 20,000 sq ft of additional buildable area or 20,000 sq ft of area encumbered by the air rights? If the later, what does that represent in additional buildable area?

 

[DanBuck]

Is that 20,000 sq ft of additional buildable area or 20,000 sq ft of area encumbered by the air rights? If the later, what does that represent in additional buildable area?

It is additional 20,000 building area...

 

[Howard Klahr]

What is the $ per sq ft of FAR for the land area without the additional development rights?