A corner lot is a zoning lot that's at the intersection of two streets, which has frontage on both streets rather than one.

In NYC, there are specific zoning regulations that favor building on a corner lot. Per City of Yes, corner lots are able to have 100% lot coverage, compared to the 80% lot coverage mid-block and block through lots are allowed. For residential developments, being a corner can create value for developers as they have two sides of unobstructed views for their tenants. For a commercial site, the dual street frontage can significantly improve storefront visibility.

For an owner, being a corner lot means you could build larger and more efficient buildings compared to a same-sized midblock lot (Higher BSF).

A common misconception is that a corner lot automatically generates more buildable square footage. FAR is the same regardless of lot position, so total allowable floor area does not increase, but the ability to use 100% of the lot for building footprint gives a developer more design flexibility

Example: A developer is looking to build a large residential building, they can either construct on a corner lot or a midblock lot of identical size and zoning. They would typically pick the corner. Due to the unobstructed views on the sides of the building, and the ability to utilize the whole lot.