Xavier High School, located on 16th Street in the Chelsea neighborhood of Manhattan, conducted an evaluation of its facilities and future facility needs. As part of this process, BFJ prepared a zoning analysis, specifically focusing on the as-of-right development potential of Xavier High School under its existing C6-2M zoning designation. BFJ analyzed the maximum allowable floor area permitted under the zoning and also calculated the existing zoning floor area of the school and related facilities to determine the excess development rights available for use by the School for expansion purposes or for transfer as-of-right to an adjoining lot. In addition, BFJ’s analysis also included an estimate of the saleable value of the excess development rights. This valuation was based on comparable sales of air rights in other areas of Manhattan. Recently, the air rights transfer for a new residential building was accomplished with the adjacent property owner..