"Air Rights Transfers Skyrocket as Developers Capitalize on City of Yes Legislation"
"Development rights transfers increase by 39% thanks to City of Yes legislation, with triple the amount of deals expected by the end of the year."
The air rights revolution was just getting started when The Real Deal covered it in June. At that time, however, the evidence was anecdotal. Now we have data. Development rights transfers are on pace to increase by 39 percent this year and to reach their highest level since 2016, according to PropertyScout CEO Wilson Parry.
"It's off the charts," broker Bob Knakal exclaimed. "By the end of the year it's going to be triple what it was last year." This significant jump in development rights transfers can be attributed to the City of Yes legislation, which has made it easier for developers to transfer air rights and build taller buildings.
The surge in development rights transfers has also been driven by pending deals, according to Knakal. With so many deals in the works, the actual increase is expected to be much higher than the reported 39%.
This trend highlights the influence of the City of Yes legislation on the real estate industry. While some may view it as controversial or controversially beneficial, it's clear that developers are taking full advantage of the new regulations.
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/09/26/new-york-city-development-rights-transfers-having-big-year/