What's happening
This bill requires New York City to create a public database recording all air rights transactions, including buyer, seller, and transaction details.
Why it matters
Increases transparency in real estate development. by making details of air rights transfers—often used for high-rise construction—publicly accessible, potentially reducing opportunities for opaque deals or speculation that can influence neighborhood density and skyline.
Empowers local communities and watchdogs. with detailed transaction data (including buyer/seller identities, prices paid, and property addresses), enabling residents, journalists, and advocacy groups to better monitor who is consolidating development rights and how these transactions might affect their neighborhoods.
Supports better urban planning and policymaking. by providing city officials and planners with a comprehensive, centralized record of air rights activity, which can inform zoning decisions, infrastructure planning, and efforts to manage growth and affordable housing.
Could impact real estate market dynamics. by standardizing disclosure and reducing information asymmetry, possibly affecting negotiations, valuations, and the overall approach developers take when assembling development sites in New York City.
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Who cares
Headline styles
Create NYC Air Rights Database
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to cities
- Referred to cities
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1643
2025-2026 Regular Sessions
IN ASSEMBLY
January 10, 2025
Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Cities
AN ACT to amend the administrative code of the city of New York, in relation to recording interests in air rights
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The administrative code of the city of New York is amended by adding a new section 11-203.1 to read as follows:
§ 11-203.1 Maps and records; air rights. a. As used in this section "air rights" means the unused development rights above the surface of the earth, permitted to a lot, parcel, or area of land under a zoning ordinance, remaining when an actual floor area is less than the maximum amount of floor area permissible on such lot.
b. No later than January first, two thousand twenty-six, the commissioner of the department of finance, in collaboration with the chair of the department of city planning, shall develop or update a single, searchable database that includes:
(1) the date of the transaction or transfer of air rights;
(2) the square footage of air rights transferred;
(3) any consideration exchanged for the air rights;
(4) the physical address of the property where the air rights originated and the physical address of the property where the air rights are being transferred;
(5) any other assets of value included in the transaction;
(6) the identities of the buyer and seller; and
(7) the disclosure of the buyer's and seller's legal address and other relevant contact information.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04223-01-5
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.