Trump: The Art of the Deal

Air rights in New York real estate development refer to the legal ability to buy, sell, or transfer the unused development potential (floor area) above a property. This allows developers to build taller structures than zoning laws would typically permit by acquiring air rights from adjacent or nearby properties. In The Art of the Deal, Donald Trump describes how air rights are another part of his negotiating and development process, buying and selling air rights from nearby buildings to fuel his development plans.

A Letter of Intent (LOI) in New York real estate development is a non-binding document outlining the key terms and preliminary agreements between parties before executing a formal contract. It typically includes details such as purchase price, due diligence period, financing terms, and other conditions essential to the transaction. Trump uses letters of intent to protect his negotiations, while also offering to rip up his own letter of intent for a rival due to a sense of honor.

An option in New York real estate development is a contractual agreement that grants a developer the exclusive right, but not the obligation, to purchase or lease a property at a predetermined price within a specified time frame. This allows the developer to secure control over the property while conducting due diligence, obtaining approvals, or assembling adjacent parcels.