As of 2025–2026, transferable development rights in Manhattan commonly sell for roughly $180 to $400+ per square foot, depending on location, zoning, and landmark status. In dense neighborhoods where height equals value, these air rights can be worth tens of millions of dollars in total, even though nothing physical changes on the property itself. Recent zoning updates and redevelopment policies have actually increased demand for these rights, making them a powerful — and often overlooked — driver of property value in major U.S. cities.