Tremendous value can be added to new buildings in New York City by transferring development rights from one tax 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 often increase their return on investment.
This course, presented by Paul Proulx from Carter Ledyard & Milburn, is designed to introduce you to the basic language associated with the transfer of development rights, some of the lay resources for analyzing the potential for a transfer, and the documents necessary to close a development rights transaction. Finally, Mr. Proulx reviews some of the optional easements and license agreement terms that are typically embodied in the transfer documents.
If you are a real estate, land use, or environmental attorney representing real estate developers, investors, banks, or government agencies in New York City, you should consider this course for an introduction to the basic terms, techniques, and procedures for transferring development rights.
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 University of Detroit Mercy, his M.S. in City and Regional Planning in 2003 from the Pratt Institute, and his J.D. in 2003 from Brooklyn Law School.
He can be reached at 212-238-8763 and firstname.lastname@example.org.
Great presentation; a lot of useful information was included.
Great presentation with practical tips as well. Thanks.
Good overview of development rights and land use basics
Fine substance but terrible presentation
Good primer course.