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Development Rights (New York City)

Description
Insures that all "parties-in-interest" under the Zoning Resolution are bounded by the Declaration of Zoning Lot Restrictions and that the Zoning Lot and Development Agreement ("ZLDA") validly transfers floor area development rights. It also insures an easement for light and air and a negative covenant not to build over and above the transferor's building if provided in the ZLDA.
Requirements
All "parties-in-interest" under the New York City Zoning Resolution must join in or consent to the development rights transfer. The Declaration of Restrictions, ZLDA, and any waivers are to be recorded. An easement of light and air and a negative covenant not to build must be granted by the ZLDA. Mortgages on the burdened parcel(s) are to be subordinated to the easement of light and air (Owner's and Loan Policies).
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