New Yorkers offhandedly refer to “lots,” but there is a distinction between a tax lot, under the jurisdiction of the Department of Finance, and a zoning lot, under the jurisdiction of the Department of Buildings. Two or more lots can be merged into one, or one can be divided into several. These transactions require approvals from both the departments of Buildings and Finance and we have helped property owners and architects with many of these transactions.
Every lot in the City has a “floor area ratio” (FAR), which dictates the maximum square footage of a building on the lot. A property owner can sell FAR to neighboring lots in what as known as an “air rights transfer,” another service we provide.