Air Rights in the Bronx

[Steven Morgan]

I have a 3 family property in the South Bronx and have been approach by a real estate group looking to purchase my air rights. They offered my neighbors and I 100k each for the air rights to our property. Could someone educate me on this whole process because I’m totally clueless. Thanks

[Yisroel Neustein]

@Steven Morgan

I'm in Brooklyn where it's a common thing to do to buy air rights

I think now is the time for south Bronx if you would like to have an estimate how much it is worth you will have to know what's the price for a non build square ft

To know how much a non build sq ft is worth you should search around your area for a lot and ask for the zoning and you could search on google how many square ft you can build on it and then divide it into the purchase price and that's the price

For an example let say the lot is 20x100 and it's a R6 zoning you can build on it 2.3x the lot,

that means 20x100=2000 x2.3 =4600

Now let's say it is for sale for 500k so 500,000/4600=108

I hope you understand I tried my best