“Air Rights”

The idea of buying or leasing “air rights” for space above a structure or plot of land seems absolutely ludicrous, but it is bit business in cities across North America. It appears that Detroit is getting in on the action as well. According to Crain’s the space above the Book Cadillac garage will be up for sale. I do not know much about this type of transaction, but I hope there are limitations to the air rights in the sense that a 200 floor building cannot be built that would obstruct the view of people who dropped thousands on the down-payment for a condo. In the case of the Book Cadillac, it looks like only 80 condo units will be built, but it is something to keep in mind when investing.

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