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air right n: a property right to the space above a surface or object (as a building) that may be sold or leased for development purposes [make use of the air rights above the Terminal "Penn Central Transportation Co. v. City of New York, 438 U.S. 104 (1978)"]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.