Assembly Bill A1643

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1643
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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 ASSEM-
 BLY, 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 COMMIS-
 SIONER 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  ORIGI-
 NATED  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