New York City real estate owners and developers have long asked us about transferring unused development rights from an individual landmark to a site across the street, through a 74-79 Special Permit issued by the City Planning Commission (CPC). While these transfers have historically been rare due to a time-consuming, uncertain approval process, with the recent changes to the City’s zoning regulations – specifically, the "City of Yes for Housing Opportunity" (COY) – these transfers have become much easier and more flexible. Click below for more in the article from partners Michael Smith and Robert Huberman. #HerrickDoesThat #RealEstateDevelopment #COY #CityofYes
City of Yes for Housing Opportunity: Improving the Ability to Transfer a Landmark’s Development Rights - by Michael Smith and Robert Huberman of Herrick, Feinstein LLP - Read More here: https://hubs.la/Q03bv3TQ0 #NYREJ #commercialrealestate #HerrickDoesThat #CityofYes #RealEstateDevelopment #DevelopmentRights