Start with land per buildable square foot
The RunEnvelope Land Index divides each qualifying land or development-site sale by the lot's buildable square feet: the largest zoning floor area any as-of-right scenario reaches on the lot, from the same engine that writes RunEnvelope's zoning reports. It is not lot area times FAR. Sales come from Department of Finance rolling and annualized sales matched to the deed in ACRIS; condo and co-op units, related-party and nominal deeds, and deeds that convey air rights only are left out.
| Borough | Median | Middle half | Sales | Year earlier |
|---|---|---|---|---|
| Manhattan | $223.02 | $100.52 to $347.83 | 73 | $204.75 |
| Bronx | $66.96 | $53.28 to $82.84 | 364 | $60.58 |
| Brooklyn | $97.12 | $70.61 to $159.41 | 421 | $90.42 |
| Queens | $104.10 | $68.91 to $147.02 | 338 | $99.03 |
| Staten Island | $82.98 | $56.12 to $112.37 | 282 | $78.96 |
| New York City | $85.59 | $61.32 to $127.72 | 1478 |
Source: RunEnvelope Land Index, run 20261015T022313-48f995, sales through 2026-08-31. Buildable square feet are measured on today's rules, so sales made before City of Yes (adopted 2024-12-05) are divided by rights the buyer did not yet have. A median of a few dozen sales is a range, not a price; use the middle half. Community district figures are on the Land Index page.
Two things follow. The spread between boroughs is large, so a figure quoted from a Manhattan deal says little about a lot in the Bronx. And because the index excludes air-rights-only deeds by design, it is a ceiling reference: what a buyer pays for buildable floor area that comes with the land under it.
The two prices the Zoning Resolution names
Two special districts attach a dollar figure to transferred floor area. Neither is a market quote, but both are official and both change what a buyer nets.
- ■East Midtown. ZR 81-613 sets a Public Realm Improvement Fund Development Rights Valuation, “a value per square foot of transferable development rights in the East Midtown Subdistrict,” at $307.45 as of August 9, 2017, to be reviewed by rule every three to five years. When landmark rights move to a qualifying site, ZR 81-642 requires a contribution of the greater of 20 percent of the sale price or 20 percent of that valuation per transferred square foot: at the 2017 figure, a floor of $61.49 per square foot.
- ■Theater Subdistrict. ZR 81-744 requires a contribution to the Theater Subdistrict Fund for each square foot transferred from a listed theater. The text sets it at $10, adjusted by rule to $24.65 per square foot on July 15, 2022.
- ■Landmarks generally. The Landmarks Preservation Commission says that in most cases 10 percent of the value of a landmark transfer goes into a maintenance fund for the building (LPC fact sheet).
Why air rights rarely price like land
A square foot of air rights and a square foot of buildable land are different goods. The differences all push the same way for the seller, and they are the questions to ask before agreeing a number.
- ■Very few possible buyers. A zoning lot merger needs lots on the same block that touch for at least 10 feet (ZR 12-10). A landmark can reach its block and the lots across a street or street intersection from it (ZR 75-421). Land can be sold to anyone.
- ■Not all of it can be built. The receiving lot's height, setback and yard rules decide how much of the transfer fits. Floor area that does not fit is worth nothing to that buyer.
- ■Caps on the receiving lot. A landmark transfer by certification can raise a receiving lot's maximum floor area by no more than 20 percent, or 30 percent where the non-residential FAR is 15.0 or more (ZR 75-422).
- ■Friction. Every party in interest has to sign or waive, a title company has to certify it, and special district and landmark transfers add contributions and maintenance programs.
- ■Strings attached. Light and air terms, limits on the seller's own future building, and the permanence of the transfer are all priced into the deal.
Sanity-checking an offer
Take the two-lot example from Part 2. On paper the merger gives lot A 16,000 sf of extra floor area. Floor by floor, lot A's envelope holds about 30,750 sf in all (Part 7), so only 10,750 sf of the transfer can be built. Suppose the neighbor, in Brooklyn, asks $80 per transferred square foot.
- Floor area transferred
- 16,000 sf
- Asking price
- $80 × 16,000 = $1,280,000
- Floor area the envelope can actually use
- 10,750 sf
- Effective price per usable sf
- $119.07
- Brooklyn land, median per buildable sf (Q2 2026)
- $97.12
- Brooklyn land, middle half
- $70.61 to $159.41
At $80 on the deed the buyer actually pays $119.07 per foot it can build, which is above the Brooklyn median for land and below its 75th percentile. The asking price looked below the median; the usable price is what should be compared.
The illustration uses a borough median; a real check should use the community district figure and the sales behind it, which the Land Index CSV provides.
- 01
Measure usable floor area, not deeded floor area
Model the receiving building with the transfer and count only what fits. - 02
Price per usable foot
Divide the total price, plus contributions, legal and title costs, by the usable floor area. - 03
Compare with land in the same district
Use the Land Index community district median and middle half. Paying more per usable foot than nearby land costs needs a reason, such as a site that cannot otherwise grow. - 04
Run the residual
What the added floor area is worth as finished space, less the cost to build it and a profit margin, is the most the rights can be worth to this buyer. Those inputs are yours; RunEnvelope reports state what the code permits, not a price.
Sources, checked 2026-10-26
- RunEnvelope Land Index: method, sales rules and CSV
- ZR 12-10, Definitions: zoning lot, floor area, floor area ratio, party in interest
- ZR 75-42, 75-421 and 75-422, Transfer of development rights from landmarks
- ZR 81-613, East Midtown definitions (Public Realm Improvement Fund valuation)
- ZR 81-642, Landmark transfers to East Midtown qualifying sites
- ZR 81-744, Transfer of development rights from listed theaters
- NYC Landmarks Preservation Commission, Transfer of Development Rights fact sheet (June 2026)
Not legal advice. This guide explains the Zoning Resolution in plain English and can be out of date the day the text is amended. Before you price, buy or sell development rights, have a land use attorney and the filing architect confirm the zoning lot, the documents and the numbers.