Brooklynian

"The owners of 85 Eastern Parkway have filed a permit application to add eight stories to the six-story building, for a total of 123 feet. I thought folks might be interested in how that is possible and its implications for all of us who live above the roof line of neighboring buildings.The north side of Eastern Parkway (as well as the area around GAP) is zoned R8X. This zoning district allows construction of buildings with a floor area ratio of 6.02, and a maximum height of 150 feet. An FAR of 6.02 means that the building's floor area can be six times the size of its lot area. The lot area occupied by rear yards, side yards, courts, or setbacks is added to the buildable area, which is why a building with an FAR of 6.02 can end up being much higher than six stories. On top of that, an owner is allowed to purchase the excess development rights of neighboring buildings and to transfer that additional "bulk" to his property, which allows him to build higher than he would otherwise be permitted. This is probably what the owner of 85 Eastern Parkway did, because he was only allowed to add three more stories "as of right." 

The Meier building at the corner of Plaza Street bought air rights from buildings on St. Johns Place to reach its height limit.The bottom line here is that we are surrounded by buildings that have surplus development rights and, in a market like ours, those rights are very valuable. Once 85 begins construction, other buildings might see fit to add to their footprints. Since such developments require no city approval, other than of the building plans, there is nothing that can be done to stop them from doing so."

I'd be interested in learning how much $ the apartments are presenting renting for, and if the owner can "successfully" (a loaded term) document that the "coming alteration" results in capital improvements that can be legally recouped from the apartments.Will they be enough to get the rents above the rent stabilization cap ($2500)?If they are, the owners will be under no obligation to buy out the present RS tenants; they can just be presented with their new rent and told to call a moving company if they can't pay it.