Invictus Property Advisors is pleased to announce the successful closing of an air rights transaction at 481 Central Avenue in Brooklyn, New York.
Invictus represented the owner of the development rights and negotiated the sale of approximately 1,566 square feet of transferable air rights for a total consideration of $250,000, all-cash, enabling the adjacent property owner to enhance its as-of-right development potential. The transaction was structured with a 30-day closing timeline and limited contingencies, allowing for an efficient and predictable execution.
The sale required careful coordination between neighboring ownership, legal counsel, and the development team, as well as a clear understanding of zoning mechanics and air rights transfer requirements. Invictus guided the parties through the negotiation and structuring process to ensure a seamless transfer aligned with applicable zoning regulations.
This transaction highlights Invictus’ ability to structure and negotiate air rights sales between adjacent property owners, unlocking incremental density and value through thoughtful deal execution.
Invictus Property Advisors continues to advise owners and developers on air rights transactions, zoning lot development agreements (ZLDAs), and complex land-use matters throughout New York City.
