Consider the following scenarios: your client is looking to buy property within the five boroughs of New York City, and the broker is assuring them that they are able to develop a building with a certain amount of commercial, residential and/or manufacturing floor area. How can you confirm the accuracy of this information? A potential client calls you, saying they want to buy air rights from another property on their block – how do you confirm their ability to do so, and if so, what is the process to actually facilitate such a transaction? Finally, you have a client that owns property in a manufacturing district, but wants to build a residential building – how do you go about changing the use and/or bulk that is permitted as of right at the site?
In New York City, where the Zoning Resolution is well over a thousand pages long, it is critical for a real estate practitioner to understand the applicable New York City zoning designations and regulations in order to confirm that your client can actually do what they want to with a property that they own or are looking to purchase. This program provides an overview of how to navigate land use and zoning in New York City, with a focus on practical issues that real estate lawyers representing developers and property owners should understand. The course will also provide an introduction to "air" rights, including how to determine if there are available air rights for acquisition, confirming whether a potential air rights transaction complies with the Zoning Resolution, and the documents necessary to memorialize such a transaction.
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