The Real Deal New York

Time Warner move will leave a bare Midtown, councilman says

July 09, 2013 11:00AM

garodnick-time-warner

Dan Garodnick and Time Warner Center at 10 Columbus Circle

City Councilman Dan Garodnick is worried that Time Warner’s reported move to Hudson Yards will leave Midtown with yet another big empty office building, DNAinfo reported.

The media giant has struck a deal to relocate to Related Companies’ 80-story skyscraper planned for the rail yards at 10th Avenue and West 33rd Street, as previously reported.

Under the tentative agreement, Time Warner would lease its Columbus Circle space for about five years, or until the tower is completed.

In addition, the proposed Midtown East rezoning, which will allow for taller skyscrapers in the eastern part of the neighborhood, will bring even more new office space to the market.

Garodnick told DNAinfo that new skyscrapers and the already barren Columbus Circle will create more office space than there are companies to fill it. To abate that, the Midtown East rezoning proposal has a “sunrise provision” that would prevent developers from constructing new buildings for five years.

“Ostensibly the purpose of that five-year sunrise provision is to protect commercial developments in other parts of the city from competition from East Midtown,” Garodnick told DNAinfo.

Manhattan is tied with Washington, D.C., for having the lowest office vacancy rate in the U.S., according to recent data from research firm REIS. [DNAinfo]Mark Maurer

  • Patrick

    guy has no idea what he is talking about

  • trex

    politicians protecting us from “competition” Who will protect us from Politicians ??

  • ryan

    this guy is clueless. I would have to guess Related turns this space into condos like the other tower.

  • Niv21

    Time Warner would never move to Midtown East anyway! There is no building available for the kind of space and layout they are looking for.

    Isn’t that the purpose of the rezoning? For Midtown East to offer the kind of facilities a major corporation is looking for that only downtown and the Yards can only offer??

    Without the approval of the rezoning. THIS is what will con’t to happen. Midtown East will lose tenants to Lower Manhattan and Hudson Yards with better state of the art facilities.

    The councilman is a joke. Isn’t time Warner in the west side to begin with?? How did Midtown East lose Time Warner to the West Side again??

  • Niv21

    Forget about Midtown East remaining competitive globally.. Eventually if the rezoning is delayed or shot down, it will lose it’s place on top against Lower Manhattan and the Hudson Yards.

    Message to Midtown East reps:
    Stop complaining and worrying about the competition. look in the mirror and improve yourselves or you will lose your top position.

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