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.
Paul J. Proulx counsels and advises clients on all aspects of site development. His practice focuses on land use, zoning and development matters as well as general real estate transactions. Mr. Proulx represents clients before New York City agencies, such as the Department of Buildings, Board of Standards and Appeals, City Planning Commission and Landmarks Preservation Commission. He has extensive experience prosecuting land use applications and drafting the restrictive declarations that accompany them. He regularly negotiates and drafts purchase and sale agreements, zoning lot development agreements (ZLDAs), declarations, licenses, and easements for development rights transactions between adjacent property owners. In addition, Mr. Proulx counsels clients on their 421-a and Inclusionary Housing Program filings with the Department of Housing Preservation and Development.
Mr. Proulx received his B.A. in 1996 magna cum laude from
He can be reached at 212-238-8763 and firstname.lastname@example.org.
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