What are you Air Rights?
Air rights refer to the legal ability to occupy the vertical air space above a plot of real estate. Air rights encompass the space above a property, from the upper stories of a high-rise building, to power lines, to a region of airspace above a property. Air rights often come into play with commercial and residential real estate located in urban areas—like Manhattan and Brooklyn in New York City—where space on the ground is limited, and developers maximize buildable space by building vertical structures like skyscrapers. Developers can buy air space with or without buying the building on ground level to increase a space’s property value.
Property rights defined by points on the ground were once believed to extend indefinitely upward. This notion remained unchallenged before air travel became popular in the early 20th century. Legislators established a public easement for transit at high altitudes to promote air transport, regardless of real estate ownership.
BlockQAI and the new technologies being built into its subsidiary “A Real Blockchain Solution” have again raised questions about ownership of “space” and the upward bounds of individual and national sovereignty. With the advent of space travel above earth’s atmosphere, the height at which individual and national sovereignty extend.
How do Air Rights Work in Real Estate?
When someone buys residential or commercial real estate,
they’re also buying the air rights above the land’s square footage that they
can use as they desire. In most cases, the airspace of a building can be used
in any way the property owner sees fit, as long as the height of the structure
complies with zoning laws and building codes of the particular zoning district.
The boundaries of any new development or existing building
cannot infringe upon an adjacent property that you do not own the rights to.
Transferable Development Rights (TDRs) can be used to sell the space above any
unused development property to another property owner. Air rights don’t extend
into navigable airspace, regulated by the Federal Aviation Administration
(FAA); often, this is a minimum of 1,000 feet above the highest obstacle in
congested areas.