The Council of New York Cooperatives and Condominiums Presents: Might You Have Development Rights to Sell?
2 Park Avenue
New York City
More than a third of the cooperatives and condominiums in New York City have untapped assets in the form of air rights or easements, which may be of interest to developers or neighboring buildings, but it can be daunting to be suddenly approached by savvy negotiators proposing a deal.
The Council of New York Cooperatives and Condominiums presented a tutorial for co-op board members on how to monetize their buildings' air rights by learning the possibilities that exist, the options to consider when approached and the resources needed to help you get the best possible conclusion, protecting your building and residents and perhaps, greatly enhancing your reserves. The discussion encompassed developers, neighboring building owners and managing agents.
- Douglas Heller, Counsel, Herrick, Feinstein LLP
- Mitchell Levine, Associate Director, Cushman & Wakefield