Property Ownership
In New York, an 'air rights' transaction allows a property owner to:
ASell unused development rights (floor area) to a neighboring property for that neighbor's use in constructing a taller building✓ Correct
BGrant an easement to an airline to fly over the property
CChallenge a neighbor's construction that blocks sunlight
DCreate a condominium on top of an existing building
Explanation
In New York (particularly NYC), unused development rights (air rights) can be transferred to an adjacent or nearby property under a Transfer of Development Rights (TDR) arrangement, allowing the receiving property to build a taller structure than its zoning would otherwise permit. This is common in landmark preservation situations.
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