THE ULTIMATE KNOWLEDGE BASE

The BKREA Market Intelligence

Plain-English answers on zoning, air rights, development value, and selling — written for owners, not lawyers.

All
Glossary
Comparisons
FAQ
421-a (Historical)
421-g (Historical)
467-m
467-m vs. 421-g
467-m vs. 421-g (Current vs. Expired)
467-m vs. 485-x
485-x
485-x vs. 421-a
Adaptive Reuse
Adaptive Reuse vs. Ground-Up Development
Affordable Housing Floor Area Bonus
Air Rights
Air Rights vs. Transferable Development Rights (TDR)
As-of-Right Conversion vs. Special Permit Conversion
As-of-Right Development
As-of-Right Development vs. Rezoning
Assemblage
Before City of Yes vs. After City of Yes (Conversion Rules)
Below-Market Lease
Buildable Square Footage
Bulk Regulations
Can My Office Building Be Converted to Residential?
Cap Rate (in the Context of User Sales)
City of Yes Conversion Text Amendment
City of Yes for Housing Opportunity
City of Yes for Housing Opportunity vs. Prior Zoning Framework
Competitive Bidding Process
Controlled Auction vs. Negotiated Sale
Conversion Candidacy
Conversion vs. Demolition and New Construction
Corner Lot
Data Room
Development Site vs. Income-Producing Asset
Development Site vs. Income-Producing Property
Does My Property Have Unused FAR?
Due Diligence
ELURP vs. ULURP
Expedited Land Use Review Procedure (ELURP)
FAR (Floor Area Ratio)
FAR vs. Air Rights
Fee Simple Ownership
Generalist Broker vs. Development Site Specialist
Ground Lease
Ground Lease vs. Fee Simple Ownership
Ground-Up Development Incentives vs. Conversion Incentives (Current Programs Only)
Highest and Best Use (HBU)
How Do Developers Source Land in NYC?
How Does Rezoning Affect Property Value?
How Long Does It Take to Sell a Development Site?
Hybrid Ground Lease vs. Joint Venture with a Developer
Inclusionary Housing
Listing Publicly vs. Targeting Specific Developers
Lot Coverage
Mixed-Use Zoning
Office-to-Residential Conversion
Office-to-Residential vs. Hotel-to-Residential vs. Industrial-to-Residential
Off-Market Sale
Off-Market Sale vs. Full Marketing Process
Owner-Occupant
Price Per Buildable Foot (Price Per Zoning Floor Area)
Price Per Existing Square Footage
Pricing on Income Value vs. Pricing on Development Potential
QRS vs. Standard Low-Density As-of-Right Development
Quality Residential Structure (QRS)
Redevelopment Potential
Rental Conversion vs. Condo Conversion
Rent Savings Capitalization
Residual Land Value (RLV)
Re-Trade
Rezoning
Sale-Leaseback
Selling Now vs. Waiting for Rezoning
Sell the Building vs. Convert It Yourself
Setbacks
Should I Sell My Building Vacant or Leased?
Single Buyer Negotiation vs. Competitive Bid Process
Strong Conversion Candidate vs. Poor Conversion Candidate
Teardown vs. Conversion vs. Renovation
Transferable Development Rights (TDR)
Underbuilt Property
Unused FAR
Unused FAR vs. Air Rights
User Building Sale
User Building Sale vs. Standard Investment Sale
User Buyer vs. Investor Buyer
User Premium
Vacancy Premium (NYC-specific)
Vacant Building vs. Occupied Building (Manhattan, Sub-100k SF)
Voluntary and Mandatory Inclusionary Housing
Voluntary Inclusionary Housing vs. Mandatory Inclusionary Housing
What Are Air Rights?
What Due Diligence Do Developers Perform?
What Is a Competitive Bidding Process?
What Is Adaptive Reuse?
What Is a Ground Lease?
What Is an Assemblage?
What Is As-of-Right Development?
What Is a User Buyer?
What Is a Zoning Lot Merger?
What Is Buildable Square Footage?
Buildable Square Footage
FAR (Floor Area Ratio)
Quality Residential Structure (QRS)
Expedited Land Use Review Procedure (ELURP)
Rent Savings Capitalization
Below-Market Lease
Cap Rate (in the Context of User Sales)
Sale-Leaseback
Vacancy Premium (NYC-specific)
Owner-Occupant
User Premium
User Building Sale
Voluntary and Mandatory Inclusionary Housing
421-a (Historical)
421-g (Historical)
485-x
City of Yes Conversion Text Amendment
City of Yes for Housing Opportunity
467-m
Conversion Candidacy
Office-to-Residential Conversion
Adaptive Reuse
Data Room
Re-Trade
Due Diligence
Competitive Bidding Process
Off-Market Sale
Fee Simple Ownership
Ground Lease
Highest and Best Use (HBU)
Residual Land Value (RLV)
Price Per Existing Square Footage
Price Per Buildable Foot (Price Per Zoning Floor Area)
Development Site vs. Income-Producing Property
Redevelopment Potential
Underbuilt Property
Corner Lot
Assemblage
Zoning Lot Merger
Unused FAR
Transferable Development Rights (TDR)
Air Rights
Affordable Housing Floor Area Bonus
Inclusionary Housing
Mixed-Use Zoning
Rezoning
As-of-Right Development
Zoning District
Bulk Regulations
Setbacks
Lot Coverage
FAR vs. Air Rights
QRS vs. Standard Low-Density As-of-Right Development
ELURP vs. ULURP
Before City of Yes vs. After City of Yes (Conversion Rules)
Sell the Building vs. Convert It Yourself
Rental Conversion vs. Condo Conversion
467-m vs. 421-g (Current vs. Expired)
Office-to-Residential vs. Hotel-to-Residential vs. Industrial-to-Residential
Strong Conversion Candidate vs. Poor Conversion Candidate
Conversion vs. Demolition and New Construction
User Building Sale vs. Standard Investment Sale
Vacant Building vs. Occupied Building (Manhattan, Sub-100k SF)
User Buyer vs. Investor Buyer
Ground-Up Development Incentives vs. Conversion Incentives (Current Programs Only)
467-m vs. 485-x
Voluntary Inclusionary Housing vs. Mandatory Inclusionary Housing
As-of-Right Conversion vs. Special Permit Conversion
City of Yes for Housing Opportunity vs. Prior Zoning Framework
485-x vs. 421-a
467-m vs. 421-g
Listing Publicly vs. Targeting Specific Developers
Controlled Auction vs. Negotiated Sale
Teardown vs. Conversion vs. Renovation
Selling Now vs. Waiting for Rezoning
Single Buyer Negotiation vs. Competitive Bid Process
Pricing on Income Value vs. Pricing on Development Potential
Generalist Broker vs. Development Site Specialist
Off-Market Sale vs. Full Marketing Process
Development Site vs. Income-Producing Asset
Adaptive Reuse vs. Ground-Up Development
Hybrid Ground Lease vs. Joint Venture with a Developer
Ground Lease vs. Fee Simple Ownership
Zoning Lot Merger vs. Air Rights Transfer
As-of-Right Development vs. Rezoning
Unused FAR vs. Air Rights
Air Rights vs. Transferable Development Rights (TDR)
What Makes a Building a Strong Conversion Candidate?
What Is City of Yes and How Does It Affect My Property?
What Is QRS and Does My Property Qualify?
What Is ELURP and Does It Apply to My Property?
Should I Sell My Building Vacant or Leased?
What Is the User Premium and Why Does It Exist?
What Is a User Buyer?
What Is Residual Land Value?
What Is Price Per Buildable Foot and How Is It Used?
What Is a Competitive Bidding Process?
How Do Developers Source Land in NYC?
What Should Sellers Prepare Before Going to Market?
What Due Diligence Do Developers Perform?
What Is the Difference Between Off-Market and Full Marketing?
How Long Does It Take to Sell a Development Site?
How Does Rezoning Affect Property Value?
What Is a Ground Lease?
What Is Inclusionary Housing?
Why Are Older Office Buildings Becoming Obsolete?
What Is Adaptive Reuse?
Can My Office Building Be Converted to Residential?
What Makes a Building a Strong Conversion Candidate?
What Is As-of-Right Development?
What Is the Highest and Best Use?
Does My Property Have Unused FAR?
What Is a Zoning Lot Merger?
What Is an Assemblage?
What Are Air Rights?
What Is Buildable Square Footage?
What Is FAR and Why Does It Matter?
The BKREA Market Intelligence
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Owner-Occupant
Glossary

Owner-Occupant

An owner-occupant is a business that buys a building to operate out of it rather than collect rent, essentially paying themselves instead of a landlord.

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