According to the Court, the landmarking of Grand Central was not a taking, in part, because of the offsetting benefits that Penn Central received from transferable development rights
. (20) Those TDRs effectively allowed Penn Central to transfer its air rights over Grand Central to adjacent property.
William Hadley Littlewood, Comment, Transferable Development Rights
The city's zoning code currently allow owners of buildings that are underbuilt to transfer their unused development capacity (known as transferable development rights
, or TDRs) to nearby lots.
Transferable development rights
are a fundamentally different system that works by allowing landowners to earn a credit by contracting to forgo future development on some parcel of land (Bledsoe et al., 1998).
The Appraisal of Real Estate defines transferable development rights
as "a development right that is separated from a landowner's bundle of rights and transferred, generally by sale, to another landowner in the same or a different area."(1) This is incorrect because a TDR can be used by the landowner of the sending site or someone else.
It includes transferable development rights
whereby farmers can sell away the right to develop their land, the right being transferred to a site within the urban limits.
Heffley, "Spatial-Equilibrium Analysis of Transferable Development Rights
, Journal of Urban Economics, 12, 1982, 238-261.
FDI is prohibited in Lottery Business including Government/private lottery, online lotteries etc; Gambling and betting including casinos etc.; chit funds; Nidhi company; trading in Transferable Development Rights
(TDRs); Real Estate Business of Construction of Farm Houses; Manufacturing of Cigars, cheroots, Cigarillos and cigarettes; of tobacco or of tobacco substitutes; activities/sectors not open to private sector investment e.g.
"A 20+-story hotel with two elevators with 124 rooms will rise on the site," said Ortiz who added that there is the potential to increase the project size by acquiring transferable development rights
from adjacent properties.
The Port Authority Board of Commissioners today approved a resolution to allow for the sale of transferable development rights
above two Port Authority-owned lots on Dyer Avenue to Extell Acquisitions LLC to accommodate a planned residential real estate development in the heart of the Hudson Yards Development District and to create additional open space for the community.
The value of air rights are based on whether they are used to develop the existing property or whether they are transferred to another property--called transferable development rights
, or TDRs.
W Financial Mortgage Fund has closed a $10 million bridge loan collateralized by various assets which include a first mortgage on a West Chelsea Gallery building on West 21st Street, a first mortgage on 4,000 s/f of land under the highline on West 29th Street, a pledge of ownership interests in a ground-up condominium development on Tenth Avenue, and 37,110 s/f of Highline transferable development rights
currently in hard contract to a major national developer.