Value of Air rights to a single family residence

Hi Brownstoner and forum readers, I’ve been a long time reader and I have an odd real-estate oriented question, but I’m unsure of whom else to ask that wouldn’t provide a biased answer. If you’re willing – here’s what I’d love to know: I live in Bed-Stuy, Brooklyn (within the proposed “bedford corners” district) in a parking garage (from the 1910s) turned loft space that we own. We bought the building from our friends and it came w/the air rights to build 3 additional floors. As our kids get older we’re thinking about the need for greater private outdoor space and so we’re thinking about moving and pricing. Do you have any idea what the estimated dollar value to the air rights to build 3 floors on a 20×100 lot in Bed-Stuy (near Clinton Hill) would be? If not, would you be willing to point me in the right direction? Thank you so much Brownstoner. Regards, Adrienne H

adrienneh

in Appraisals 10 years and 8 months ago

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shahnandersen

in Appraisals 10 years and 8 months ago

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FAR = Floor area ratio, the amount of floor area you are allow to build divided by lot size. Look up your zone in the Zoning Resolution. A local real estate broker could probably give you some basic (and approximate) information.

curated | 10 years and 8 months ago

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Hi Adrienne. I always have clients looking to purchase. If you are interested in selling I’d be glad to discuss offers. http://brownstoner.staging.wpengine.com/curated

adrienneh | 10 years and 8 months ago

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Hi mozeeatupu – Federal Acquisition Regulation? I had a look on that page and it was…overwhelming in scope. If anyone out there has direct knowledge of my question and is willing to help, please let me know. Thank you.

mozeeatupu | 10 years and 8 months ago

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Find FAR, calculate, get very rough estimate.

adrienneh | 10 years and 8 months ago

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Hi resident2 – thanks for the feedback. Anyone else out there that can offer their $.02? Thank you!

resident2 | 10 years and 8 months ago

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If you are thinking of selling the building, you are not selling “air rights” you are selling buildable square feet. You are selling a development deal. Depending on the current zoning, is it in Landmark district etc. it can vary greatly. Just like all Real Estate it is location, location, location. But a Ball Park would be 2-300 a buildable square foot.