What NYC Co-ops Need to Know About Selling Air Rights
July 9, 2025 – Episode 58
Herrick Does That
In New York City, some cooperative apartment buildings can generate significant income by selling their unused air rights. However, unlocking this value involves navigating a range of complexities, including outdated governing documents, tax implications, the need for mortgage lender approval and issues related to temporary construction access. Herrick Real Estate partner, Michael A. Smith, walks listeners through these issues. Michael discusses how these transactions involve intricate legal, financial and logistical considerations.