Bill > A01643

This bill authorizes the New York City Department of Finance to create a comprehensive air rights database by January 1, 2026, in collaboration with the Department of City Planning. "Air rights" are defined as unused development rights above a piece of land that remain when the actual floor area is less than the maximum permitted by zoning ordinances. The database will be searchable and must include detailed information about air rights transfers, such as the transaction date, square footage of transferred air rights, consideration exchanged, physical addresses of properties involved in the transfer, any additional assets of value, and the identities and contact information of both the buyer and seller. The purpose of this database is to provide transparency and a centralized record of air rights transactions in New York City, which could help urban planners, real estate professionals, and the public better understand and track property development potential. The bill will take effect immediately upon passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A1643