Tag: development rights

With New York City running out of real estate, developers have nowhere to go but up. This means they are looking to purchase development rights (or “air rights”) from other institutions in order to demolish and build new structures or build on top of existing ones. Most recently, churches have gotten involved and it has resulted in a win-win: the developer gets the air rights they need for their project, and the church can use the proceeds to pay for much-needed renovations. Continue reading “Churches Selling Air Rights”