In an article that appears on Law360.com, Joe Marger of our New York office is quoted in an article titled "Developers Reaching Deep for Rights to Build Sky-High."
The demand for sky-high condos and penthouse apartment has changed how property owners look at air rights. They are now valuable real estate assets.
In an interview conducted by Kaitlin Ugolik of Law360, Joe Marger addresses how development air rights are sometimes selling for more per square foot than the land they’re attached to. Not only can air rights allow for higher and therefore more expensive apartments, they can have a big impact on the ground floors of a development.
"That extra square footage may be the difference between being able to put a Nordstrom at the bottom of the building or not," Marger said. "It could dramatically change the way you pencil out a deal."
The full text of the article can be found here.