City of Yes spurs Manhattan air rights gold rush

Michael A. Smith, partner in Herrick's Real Estate Department, was quoted in The Real Deal discussing how the City of Yes rezoning plan simplified transferring air rights, resulting in an uptick in these types of deals.

The article notes that "the City of Yes plan loosened zoning regulations in other ways, such as raising height limits in some parts of the city. Those changes have also encouraged owners to seek out air rights deals."

"A lot of times you don’t need the development rights until you’re in the process of building," said Michael. "You may be having conversations, you may be entering into contracts, but it hasn’t hit city records."

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