Bill Text: NY A02239 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes the commissioner of the New York city department of finance to create an air rights database recording transfers of such unused development rights.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to cities [A02239 Detail]

Download: New_York-2023-A02239-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2239

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 25, 2023
                                       ___________

        Introduced  by  M.  of  A. L. 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 Assem-
        bly, do enact as follows:

     1    Section 1. The administrative code of the city of New York is  amended
     2  by adding a new section 11-203.1 to read as follows:
     3    §  11-203.1  Maps  and records; air rights. a. As used in this section
     4  "air rights" means the unused development rights above  the  surface  of
     5  the  earth,  permitted  to a lot, parcel, or area of land under a zoning
     6  ordinance, remaining when an actual floor area is less than the  maximum
     7  amount of floor area permissible on such lot.
     8    b.  No later than January first, two thousand twenty-four, the commis-
     9  sioner of the department of finance, in collaboration with the chair  of
    10  the  department  of  city  planning,  shall  develop or update a single,
    11  searchable database that includes:
    12    (1) the date of the transaction or transfer of air rights;
    13    (2) the square footage of air rights transferred;
    14    (3) any consideration exchanged for the air rights;
    15    (4) the physical address of the property where the air  rights  origi-
    16  nated  and the physical address of the property where the air rights are
    17  being transferred;
    18    (5) any other assets of value included in the transaction;
    19    (6) the identities of the buyer and seller; and
    20    (7) the disclosure of the buyer's and seller's legal address and other
    21  relevant contact information.
    22    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00021-01-3