Authorizes the commissioner of the New York city department of finance to create an air rights database recording transfers of such unused development rights.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A1643
SPONSOR: Rosenthal TITLE OF BILL:
An act to amend the administrative code of the city of New York, in
relation to recording interests in air rights
PURPOSE:
This bill requires the New York City Department of Finance and the
Department of City Planning to develop and update a single, searchable
database of air rights.
SUMMARY OF SPECIFIC PROVISIONS:
Section one amends subchapter I of chapter 2 of title 11 of the adminis-
trative code of the city of New York by adding a new section 11-203.1.
Section two sets forth the effective date.
JUSTIFICATION:
Air rights are a type of property interest in real estate that refer to
the space above the property, in which the square footage is designated
by local government zoning laws. Quite frequently, air rights are bought
and sold throughout New York City; however, no central database exists
for the public to track when an air rights transaction has occurred.
This bill requires the New York City Department of Finance and the
Department of City Planning to develop and update a single, searchable
database of air rights to be made available to the public online. The
database will be required to include the date the transaction or trans-
fer of air rights occurs; the square footage of air rights transferred;
any consideration exchanged; the physical address of the property where
the air rights originated and the physical address of the property where
the air rights are being transferred; any other assets of values
included in the transaction; the identities of the buyer and the seller;
and the disclosure of the buyer's and seller's legal address and other
relevant contact information.
LEGISLATIVE HISTORY:
2023-24: A.2239 - Referred to Cities
2021-22: A.130 - Referred to Cities
2019-20: A.328 - Referred to Cities
2017-18: A.3825 - Referred to Cities
FISCAL IMPLICATIONS:
Undetermined.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
1643
2025-2026 Regular Sessions
IN ASSEMBLY
January 10, 2025
___________
Introduced by M. of A. ROSENTHAL -- read once and referred to the
Committee on Cities
AN ACT to amend the administrative code of the city of New York, in
relation to recording interests in air rights
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The administrative code of the city of New York is amended
2 by adding a new section 11-203.1 to read as follows:
3 § 11-203.1 Maps and records; air rights. a. As used in this section
4 "air rights" means the unused development rights above the surface of
5 the earth, permitted to a lot, parcel, or area of land under a zoning
6 ordinance, remaining when an actual floor area is less than the maximum
7 amount of floor area permissible on such lot.
8 b. No later than January first, two thousand twenty-six, the commis-
9 sioner of the department of finance, in collaboration with the chair of
10 the department of city planning, shall develop or update a single,
11 searchable database that includes:
12 (1) the date of the transaction or transfer of air rights;
13 (2) the square footage of air rights transferred;
14 (3) any consideration exchanged for the air rights;
15 (4) the physical address of the property where the air rights origi-
16 nated and the physical address of the property where the air rights are
17 being transferred;
18 (5) any other assets of value included in the transaction;
19 (6) the identities of the buyer and seller; and
20 (7) the disclosure of the buyer's and seller's legal address and other
21 relevant contact information.
22 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04223-01-5
