The building is more than 11,500 s/f with another 16,000 s/f of
air rights.
The park district had given the library land for previous expansions but retained the
air rights above that property.
By WILSON MANYUIRAbrWhile acres of newspaper pages have been devoted to various topics on matters real estate, not much has been written about
air rights, Mr Michael Munene, a Nyeri-based property valuer, notes.
This area, known as the property's
air rights, would be apportioned to the owner by the Ministry of Culture in the form of certificates that represent the dimensions of the unconstructed space.
The ownership and use of
air rights are significant in today's society in the context of view easements, solar access easements, flight path easements, and development rights in the nonnavigable airspace above an owner's land.
Rick's Cabaret International Inc (Nasdaq:RICK), an operator of upscale adult nightclubs, announced on Thursday the extension of an option by its subsidiary to purchase the property at 50 West 33rd St, New York, until 9 August 2013, while it works out contractual details to sell some of the
air rights it is acquiring to a third party.
According to the revised zoning text, the
Air Rights are transferable to any other property in the Phase II area located between 10th and 11th Avenue from 33rd Street to 42nd Street.
Forest City Enterprises Inc (NYSE: FCEA) (NYSE: FCEB), a US-based reality investment company, has announced that it is completing a sale of land and
air rights in Cleveland, US, to Rock Ohio Caesars Cleveland LLC.
Unused development rights, also known as
air rights, represent the difference between the maximum permissible floor area and the actual built floor area on a zoning lot.