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The answer is, "as much as you can get from the person who wants to buy them."

This only comes into play in a municipality that does two things: grants only a certain amount of air rights to each parcel of land, and allows a landowner to transfer some of his air rights to a neighbor.

Let's say I'm a developer who wants to build a 40-story building in a city that only grants air rights to 25 stories, but that allows air rights transfers. The property I found to build on has four 10-story buildings around it. If I can buy 15 stories' worth of air rights from one or more of those existing landowners, I can erect the building I want.

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Q: What is the price of air rights in New York?
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