cantilever easement

Started by nba

about 14 years ago

Posts: 89

Member since: Oct 2006

Discussion about

How does one value a cantilever easement? The property next to ours [we already sold our air rights to them] wants to cantilever 13 feet over our building when they put up their luxury high rise. How does one put a value to something like this? are there any comps? Any help/ideas would be appreciated.

Response by NWT

about 14 years ago

Posts: 6643

Member since: Sep 2008

The Corner at 200 West 72nd might be a comp.

Its developer bought 2067 Broadway's air rights for $400,000 in 2003. In 2005 the developer bought the right to cantilever over 2067 for another $407,000.

Have your lawyer check the docs filed under block 1163, lot 32.

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Response by front_porch

about 14 years ago

Posts: 5316

Member since: Mar 2008

I would hire Jon Miller at Miller Samuel (or another trusted appraiser, you may already have someone you worked with on the air rights question) to value something like this.

Alternatively, you could hire a broker to figure out the answer, but it just feels like it's more in an appraiser's wheelhouse.

ali r.
DG Neary Realty

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