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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"We have spent a lot of time, energy and effort trying to work on a design that doesn't encroach on the park or the air rights at all," library spokeswoman Sue Wilsey said.
But what are air rights?Dr Jack Mwimali, a property lawyer and lecturer, says this basically refers to the space above your property, its ownership, extent of ownership and lack of it (ownership) thereof."When we talk about air rights in real estate circles, we are asking ourselves fundamental questions about the air above your property.
When it comes to the sale of the air rights, that would be subject to the dynamics of supply and demand.
Air rights may be divided into separate units of real property created by the horizontal subdivision of real estate.
The subsidiary will now enter into a modified lease-purchase option so that the air rights can be transferred in the most tax efficient method while still protecting the subsidiary's rights under the original agreement with the landlord, Rick's Cabaret said.
Collegiate and Joint Venture maintained the highest and best use of their properties was a residential condominium building to be built on an assemblage of the properties at 198, 200, and 204 Broadway, along with the air rights from the properties at 192 and 194 Broadway.
At issue is air rights above Garland Street, which runs behind the old Arkansas Bar Foundation building and the DoubleTree.
Air rights represent the difference between a theater building's actual size and the size allowed under Gotham zoning regulations.
It is located nearby the J and Z subway lines and features additional air rights. Derek Bestreich, Brian Underkofler, and Steve Reynolds represented the buyer and seller.
By WILSON MANYUIRAWhile 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.This, he says, is unfortunate,given the huge potential air rights have in relation to real estate.
Prequalification are invited for MARTA%s Station Air Rights
Rock Gaming has acquired land and air rights from FCE to develop a casino in downtown Cleveland, US, for a total sale price of USD85m.