2015 Year in Review - Daniel Braff

What was your most notable project, deal, transaction or professional achievement in 2015? We represented a developer in the acquisition of development rights (a/k/a air rights) for a new multifamily building near the Clinton Hill/Bed-Stuy border in Brooklyn.  Development rights transfers are expensive and complex, and the large majority take place in Manhattan, and occasionally in higher density areas of Brooklyn and Queens.  Our transaction evidenced a clear trend.  As prices continue to rise outside of Manhattan, developers will be seeking to make buildings larger through development rights acquisitions that were, up until relatively recently, cost prohibitive. What real estate project, transaction, market trend or product had a significant impact on your industry in 2015? The project that will have the largest impact upon my industry (NYC land use and zoning) is the mayor’s pending Mandatory Inclusionary Housing proposal. It will require permanent affordable housing units in areas zoned for Mandatory Inclusionary Housing or where a developer seeks to rezone property. The response to the proposal has been largely mixed.