PURCHASE AGREEMENT: AIR RIGHTS
AGREEMENT made this ____ day of _______________ , 20___, between
____________________________ (“____________”), a New York _________________ and
____________________________ (“______________”), a New York ____________________,
each having an office c/o _____________________ New York, New York (________________
and _____________________ are sometimes hereinafter referred to collectively as “Seller” and
_________________________, a New York ________________________ having an office c/o
________________________________, New York, New York (hereinafter referred to as
“Developer”).
STATEMENT OF FACTS
________________________ is the owner in fee of the land and building and improvements
thereon known and numbered as _________________________________,
New York
and ___________________________ is the owner in fee of the land and buildings and
improvements thereon known and numbered as ___________________________ Street, Exhibit
A annexed hereto (herein referred to collectively as “Seller’s Premises”).
Developer is the owner in fee of the land and buildings and improvements thereon known and
numbered as ________________________________________________________, New York,
as such premises are more particularly described in Schedule B of Exhibit A annexed hereto
(hereinafter referred to as “Developer’s Premises”), which Developers Premises are adjacent to
Seller’s Premises.
Developer desires to acquire and utilize on Developer’s Premises all such rights as now or as
may hereafter exist to Seller’s unused excess floor area and development rights (hereinafter
referred to as the “Seller’s Excess Zoning Rights”) attributable to Seller’s Premises.
Seller shall join with Developer in executing and recording a Declaration of Restrictions
(“Declaration”) that the Developer’s Premises and the Seller’s Premises shall hereafter constitute
one (1) zoning lot for the purposes of Section 12-10 of the Zoning Resolution of the City of New
York, effective December 15, 1961, as heretofore amended August 18, 1977, or as the same may
have been or may be hereafter amended (the “Zoning Resolution”). The Declaration shall be
substantially in the form of Exhibit A, annexed, subject to and upon the terms and conditions set
forth in a certain agreement (hereinafter referred to as the “Zoning Lot and Development
Agreement”) to be executed by Seller and Developer. The Zoning Lot and Development
Agreement shall be substantially in the form of Exhibit B annexed. The Declaration and Zoning
Lot and Development Agreement shall be recorded after the closing hereunder.
IT IS THEREFORE AGREED:
1. A. At the “Closing” (as hereinafter defined) hereunder Seller and Developer shall execute (a)
the Declaration, pursuant to which Seller’s Premises and Developer’s Premises are to be treated
as one (1) zoning lot for the purposes of and in accordance with the provisions of Section 12-10