COYHO's Landmark Transfer Framework Creates New Opportunities

The recently adopted City of Yes for Housing Opportunity (COYHO) text amendment effected a sweeping overhaul of the city's zoning regulations, as discussed in our recent client alert. In the coming weeks, Kramer Levin will be releasing additional alerts that discuss some of COYHO's most significant components in greater detail. This alert addresses COYHO's changes to the regulatory framework for landmark transfers—changes that will significantly expand opportunities to utilize, and realize value from, development rights generated by landmark buildings.

Kramer Levin is the industry leader in landmark transfers. Members of our department represented the applicant in nearly all of the transfers that were approved under the prior framework, and we are now engaged in transactions proceeding under the new framework.