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White Paper

13 Pages
  • 13 Pages

Non-As-of-Right Transfer Mechanisms

 

What about the pricing of air rights?

For the promotion of policy goals of landmarks, special districts, public improvements, affordable housing, parks, and agricultural lands; in some cases, the transfer fees may be paid to private owners, while in other cases, the transfer fees may be paid to municipalities or authorities. The legal background behind this has the Supreme Court finding that transferable development rights program mitigates against finding that landmark law constitutes a taking of private property. This white paper reviews landmark transfers and special district transfer mechanisms; and reviews pricing of air rights and the economic theory behind it.

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Non-As-of-Right Transfer Mechanisms

Agenda

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Non-As-of-Right Transfer Mechanisms

Faculty

James P. Power

James P. Power

Kramer Levin Naftalis & Frankel LLP

  • Partner at Kramer Levin Naftalis & Frankel LLP, which has the largest land use practice in NYC
  • Practice involves representing private developers and cultural, educational and health care institutions with respect to New York City real estate development issues
  • Advises clients on municipal law issues, the development potential of sites, and the land use and environmental review processes and practices before various New York City land use agencies
  • Recent projects include: Representation a major New York City developer in obtaining a text amendment and city planning commission special permits for a new residential development in the West Clinton area; Representation of a prominent design-build developer in obtaining a variance for a new residential project at a prominent site in Tribeca; Representation of a developer with a substantial presence nationwide in one of its first major New York City projects, which involved a complicated assemblage of air rights with difficult zoning interpretation issues
  • Prior Lorman Seminars, “Recent Zoning Initiatives in New York City”, “Air Rights Transactions: Current Trends and Legal Concerns”
  • Quoted and published, on a range of land use topics, including residential conversions, air rights transactions, the new Mandatory Inclusionary Housing and 42, a tax abatement programs, the new floor area bonus structure in the Special West Chelsea District, and the proposed new restrictions on hotel use in M1 manufacturing districts
  • Articles and quotes have been published in the New York Law Journal, Real Estate Weekly, the Commercial Observer, Law360 and New York Construction Magazine, quoted as industry leader
Eugene C. Travers

Eugene C. Travers

Kramer Levin Naftalis & Frankel LLP

  • Senior associate with Kramer Levin Naftalis & Frankel LLP
  • Practice involves representing developers, lenders, not-for-profit institutions and other entities in land use, zoning, and historic preservation law matters
  • Negotiates complex zoning lot mergers and transfers of development rights, conducts zoning due diligence and analyzes development potential, and seeks discretionary land use approvals
  • Recent projects include: Representation of a cultural institution in securing zoning variances to facilitate the development of a $20 million education center to complement its existing museum
  • Represented a major developer in its assemblage of multiple development rights parcels in connection with a proposed 400,000 square-foot luxury residential tower in Manhattan’s Financial District
  • Thomson Reuters New York Super Lawyers, Rising Star (2015-2018)
  • Can be contacted at [email protected] or 212-715-9496
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Non-As-of-Right Transfer Mechanisms

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