February 26: 8 - 11:30 a.m.
Trading High in the Sky: Transfer of Development Rights
February 26, 2015 - 8:00 - 11:30 a.m.
The Steven L. Newman Real Estate Institute, in association with the New York City Department of City Planning, will host a half-day conference to explore key issues and proposals pertaining to the transfer of unused development rights (TDR) in New York City. More than 40 years ago, the city enacted legislation allowing for landmarked properties to transfer their unused development rights to adjacent parcels. Since then, only a handful of such properties have taken advantage of these provisions. While New York City has pioneered TDRs with the creation of the Theater District, Grand Central Sub-district, and other localized programs to achieve specific policy objectives, the owners of individual landmarked properties often have little flexibility to sell their unused development rights in order to fund maintenance and maximize value.
This conference will explore proposals to relax the current regulatory controls in order to facilitate the transfer of development rights from landmarks; the legal basis and planning objectives of the current regulatory framework; the public review process; potential conflicts between TDR and other policy priorities; and various potential benefits to landmarks, special districts, and the city that could result from proposed revisions. This conference will be valuable to the public, private, and nonprofit sectors, because it provides an opportunity for discussions that could lead to constructive and economically beneficial changes for our industry. Other topics will include: optimal distances between sending and receiving areas; obligations imposed on the buyers and sellers of transferred rights; and accommodating such rights while ensuring that the planning priorities of receiving neighborhoods are not undermined. Much of the focus will be on TDR from landmarks, but discussion will also include transfers from other significant sites under private and public ownership, as well as an exploration of how TDR (along with bonus mechanisms) impacts the city’s land use planning, more generally.
PLEASE NOTE THAT REGISTRATION FOR THIS CONFERENCE IS REACHING CAPACITY. IF YOU REGISTER, THERE IS A STRONG LIKELIHOOD THAT YOUR NAME WILL BE PLACED ON A WAITING LIST. ATTENDEES MUST BE REGISTERED TO GAIN ENTRY, AND SEATING WILL BE ON A FIRST-COME, FIRST-SERVED BASIS.