City of Yes for Housing Opportunity: Improving the Ability to Transfer a Landmark’s Development Rights
March 19, 2025 – Episode 56
Herrick Does That
New York City real estate owners and developers have long asked Herrick about transferring unused development rights from an individual landmark to a site across the street, through a 74-79 Special Permit issued by the City Planning Commission (CPC). While these transfers have historically been rare due to a time-consuming, uncertain approval process, with the recent changes to the City’s zoning regulations – specifically, the "City of Yes for Housing Opportunity" (COY) – these transfers have become much easier and more flexible. Listen as Robert Huberman and Michael Smith discuss the removal of some of the red tape and restrictions as wells as the streamlined process and geographic flexibility of the COY changes.