The Real Deal New York

Landmarks wants to save 12 Midtown buildings from rezoning

Yale Club, 601 Lex added to commission's calendar

May 11, 2016 03:06PM

From left: Citicorp Tower at 601 Lexington Avenue and Yale Club of New York on Vanderbilt Avenue

From left: Citicorp Tower at 601 Lexington Avenue and Yale Club of New York on Vanderbilt Avenue

The Landmarks Preservation Commission launched an effort Tuesday to protect 12 Midtown East buildings that could fall victim to a planned rezoning of the neighborhood.

The properties include five that were already on Landmarks’ calendar, such as the Pershing Square Building at 125 Park Avenue and the Graybar Building at 420 Lexington Avenue.

The remaining seven, including the Yale Club at 50 Vanderbilt Street and the Citigroup Center at 601 Lexington Avenue – which would become the youngest landmarked building in the city – were added to the commission’s to-do list this week.

Landmarking the properties would likely cost landlords, who without city approval would be unable to raze or redevelopment them in favor of bigger and newer buildings as allowed under the proposed Midtown East rezoning, according to Crain’s.

At the same time, the rezoning is also expected to loosen regulations allowing landmarked properties to sell and have the air rights transferred to other sites throughout the district.

The city will hold a hearing July 19 on the five buildings already on its calendar, and expects to deliberate on the seven newly added properties by the end of the year, according to DNAinfo. [Crain’s and https://www.dnainfo.com/new-york/20160510/midtown-east/12-midtown-east-buildings-are-up-for-landmark-consideration-city-says] – Rey Mashayekhi

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