Land Use & Zoning
In New York, 'Transferable Development Rights' (TDRs) in the context of NYC landmark preservation allow a landmark building owner to:
ADemolish the landmark and build a new structure
BSell unused development rights (air rights) to an adjacent or nearby property so the landmark owner can receive value for development potential they cannot use due to landmark restrictions✓ Correct
CRequire the city to purchase the landmark building
DBuild additional floors on top of the landmark building
Explanation
NYC's TDR mechanism for landmark buildings (authorized by the Zoning Resolution) allows owners of landmarked buildings — which are often restricted from adding floors due to landmark designations — to sell their unused development rights (air rights) to nearby properties. This provides compensation to landmark owners for the restrictions imposed by landmark designation while incentivizing landmark preservation.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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