What is an air lot?

An air lot refers to a designated airspace over a specific piece of land, allowing for the ownership or control of that three-dimensional space. This concept is significant in real estate, especially in urban areas where air rights can be extremely valuable for developments such as high-rises or other structures that extend above the ground level. The idea of air lots is particularly relevant in zoning and property law, as it relates to what property owners can do with the space above their property. Understanding air lots is essential for real estate professionals, as they may involve negotiations or transactions related to air rights, which can affect property values and development potential.