The Real Deal New York

SL Green’s One Vanderbilt gets Council approval

Vanderbilt Corridor rezoning also gets the go-ahead

May 27, 2015 05:55PM

Rendering of One Vanderbilt in East Midtown (credit: KPF)

Rendering of One Vanderbilt in East Midtown (credit: KPF)

The City Council approved plans for SL Green Realty’s One Vanderbilt, the 63-story, 1.6 million-square-foot office tower set to rise next to Grand Central Station.

This was the final approval needed for the developer to officially move forward. City Planning approved the proposal in late March, and the City Council’s zoning subcommittee gave the thumbs up earlier this month, so the City Council’s approval was expected.

Construction on the Kohn Pedersen Fox-designed building is expected to begin immediately, according to a news release. The tower will be anchored by TD Bank, which will take 200,000 square feet.

“One Vanderbilt will deliver critically-needed, state-of-the-art Class A office space and dramatically upgrade Grand Central’s aging, over-burdened transit infrastructure,” said Marc Holliday, CEO of SL Green. “As the largest owner of commercial property in New York City, we are proud to set a new standard for unsubsidized commercial development and create a blueprint for a truly 21st-century Midtown Manhattan.”

As part of the deal, SL Green will invest $220 million in public infrastructure improvements.

The Council also approved a rezoning of the Vanderbilt Corridor, a five-block stretch in the area of the tower. The rezoning is intended to spur commercial development and will make it easier for landmarks to transfer unused development rights. It is seen as the first step toward a potential rezoning of the entire East Midtown neighborhood. — Tess Hofmann