Advanced Techniques for the Transfer of Development Rights in New York City
Created on July 20, 2017
Tremendous value can be added to new buildings in New York City by transferring development rights from one lot to another, allowing buildings to exceed what you would think is allowed under zoning. Such transfers allow developers to leverage existing sunk costs and increase their return on investment.
This course will review the basic language associated with the transfer of development rights ("TDR"), the lay resources for analyzing the potential for a transfer, and the documents necessary to close an as-of-right development rights transaction between adjacent lots. In addition, this course will introduce you to the TDR regimes in New York City, including certain Special Purpose Districts where development rights can be transferred more freely and the City Inclusionary Housing Program, which allows development rights to be transferred within Community Districts.
If you are a land use or real estate attorney representing real estate developers, investors, banks, or government agencies in New York City, you should consider this course as a review of the basic terms, techniques and procedures for transferring development rights among adjacent tax lots and pursuant to the TDR regimes established in different districts.
- Review basic language associated with TDR
- Familiarize yourself with the resources for analyzing a potential transfer and the necessary documents associated with an as-of-right TDR transaction
- Understand the various TDR regimes in New York City
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