air rights

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Air Rights

The right to build on, occupy, and/or profit from the air above a piece of real estate. Supposedly, air rights have existed as long as the concept of private property, but it became important in the 20th century as air travel became more common. In the United States, air rights only extend to the amount of air that one may reasonably occupy. As with other aspects of real estate, air rights may be sold, leased, or otherwise acted upon either in conjunction with or separate from the property to which they are attached. See also: Mineral Rights.

air rights

Historically,property owners owned to the center of the earth and to the top of the heavens, which included the right to all the air above the property and the right to exclude trespassers from that air. Until the invention of aircraft, the matter typically arose only in disputes over the right to remove tree limbs extending over one's property. Today, aircraft constantly trespass into property owner's air space and violate their air rights.As an accommodation to modern technology, courts allow reasonable trespasses to air rights. Airports and governments frequently purchase air rights adjacent to an airport,called avigation easements,to provide glide paths for aircraft.(Because of the scarcity of prime real estate near city centers, many local governments are investigating and implementing plans to lease air rights above transit hubs to developers,for building hotels and other such projects.)

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These air rights could then be shifted from the initial heritage property to another location through a process known as the transfer of development rights (TDR).
It's still unclear how the deluge will affect the air rights market in the district.
"Here, it appears that the areas of the city where the new owners of Stuy Town can transfer their air rights is less defined," he said.
A cost-free air rights expansion of the Javits Center would save billions in construction expenses and give New York City a world class convention center that would attract most of the biggest and best event and maximize revenues and jobs.
would be staying until 2022 when it would have the option to renew and that there were no plans from the buyer to use the air rights.
Facing public pressure to get something done more than a year after residents approved the tax increase, library officials announced in February that they were moving ahead with a plan that doesn't encroach on the park's air rights.
By WILSON MANYUIRAbrWhile acres of newspaper pages have been devoted to various topics on matters real estate, not much has been written about air rights, Mr Michael Munene, a Nyeri-based property valuer, notes.
The ownership and use of air rights are significant in today's society in the context of view easements, solar access easements, flight path easements, and development rights in the nonnavigable airspace above an owner's land.
Rick's Cabaret International Inc (Nasdaq:RICK), an operator of upscale adult nightclubs, announced on Thursday the extension of an option by its subsidiary to purchase the property at 50 West 33rd St, New York, until 9 August 2013, while it works out contractual details to sell some of the air rights it is acquiring to a third party.
According to the revised zoning text, the Air Rights are transferable to any other property in the Phase II area located between 10th and 11th Avenue from 33rd Street to 42nd Street.
Forest City Enterprises Inc (NYSE: FCEA) (NYSE: FCEB), a US-based reality investment company, has announced that it is completing a sale of land and air rights in Cleveland, US, to Rock Ohio Caesars Cleveland LLC.
Mao urged domestic airlines to expand their plane fleets actively to accommodate the surge in travelers resulting from the expansion of air rights last year, including mutual sky opening with Japan, the inauguration of Songshan-Gimpo (South Korea) Airport flight, and increased flights for Hong Kong, as well as increased cross-Strait flights.