You own a property in the newly rezoned Gowanus, but you have no intention of developing it in the near future. You probably want to move onto the next article, but don’t – this may pertain to you!

Excited developers consider the Gowanus a high-end area and goldmine. They are out there, working diligently to design and build luxury developments and looking forward for some nice monetary returns. Many developers are seeking to enlarge their building’s footprint by bringing in additional lots into their development, or at least some additional air rights. In luxury buildings, the rule is THE BIGGER THE BETTER.

You can be part of this BIGGER BETTER rule by offering to sell your unused air rights to your neighbors who are looking to develop. The recent rezoning in your area, up-zoned most of the properties and your property could now have A LOT of unused floor area. If you are thinking of developing or selling your property in the future, DO NOT SELL your air rights, because you will need them. But if you are looking for some easy cash and have no intention of doing anything with those air rights…SELL THEM NOW.

If you are interested in selling, you should look out for neighbors that are that share at least 10 feet of bordering property lines and have plans of developing their property. A neighboring property that appears to be a potential development site, may mean potential cash for you! There is a Mandatory Inclusionary Housing (MIH) affordable component that is imposed on any property that is seeking to develop. This may make your air rights sale slightly more complicated. Don’t hesitate to contact our Inclusionary Housing team of professionals for more details on those restrictions.