The Real Deal New York

Category: Midtown Rezoning

  • Manhattan West project rendering

    Mayor Michael Bloomberg defended his decision to fast-track rezoning in Midtown East at the groundbreaking ceremony for Brookfield Office Properties’ Manhattan West megaproject yesterday, the New York Observer reported. The mayor dismissed concerns that the rezoning would see a flight of corporate tenants to Midtown East at the expense of the new towers at Manhattan West. [more]

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  • From left: Stephen Ross, William Mack and Diane Brady

    Related Companies Founder and Chairman Stephen Ross said Mayor Michael Bloomberg’s proposal to increase the density of office buildings in Midtown East will have little impact on development in the area. “What is really going to happen in New York is that the growth won’t occur in that area,” Ross said. “The growth is more likely to occur on the Far West Side,” in the Hudson Yards neighborhood, where Related this month broke ground on the first part of the 26-acre development. (Watch the video of the panel discussion, after the jump.)

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  • Mayor Michael Bloomberg’s proposal to incentivize large office construction on the East Side of Midtown will require some of the city’s most aggressive developers to convince smaller property owners to make a deal. Builders such as Extell Development, Starwood, Solow Development and the Durst Organization own pieces of parcels that would need to be assembled to conform to the proposed upzoning. They will need to acquire parcels from much smaller organizations, such as Brause Realty, Samson Management and Kensico Properties.

    View a breakdown of owners in a full screen map of the 10 sites the city believes are most likely to be developed within the Midtown East Rezone. [more]

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  • 1 Vanderbilt in a rendering from SL Green Realty

    The city’s largest office landlord, SL Green Realty, released sketches today for its planned office tower, to be known as 1 Vanderbilt.

    The company hired architectural firm Kohn Pedersen Fox Associates to design the 1.55-million-square-foot building, which would be located on Midtown’s East Side in an area where the city is considering a zoning change to allow for taller and bulkier structures. [more]

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  • From left: Andrew Cuomo, Midtown East

    While many agree that Midtown East should be rezoned, there is considerable disagreement over the timeframe. Now, the Tri-Board Task Force on East Midtown, which is comprised of members of Community Boards 5, 6 and 8, is calling on Governor Andrew Cuomo to delay the rezoning because of Hurricane Sandy — a final, desperate attempt to ensure the rezoning is not done in haste, the New York Observer reported.

    The Bloomberg Administration proposed the rezoning in July to encourage replacement of the aging office stock in the area. The proposal would allow taller buildings in the entire 74-block Midtown East region if developers make a payment into a new city fund. [more]

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  • From left: St. Patrick’s Cathedral, St. Bartholomew’s Church and Central Synagogue

    A plan to rezone Midtown East and fuel new development in the area even has the pious licking their lips.  Three Midtown East houses of worship – St. Patrick’s Cathedral, St. Bartholomew’s Church and Central Synagogue — want to sell some 2 million square feet of air space above their landmarked buildings, a commodity that could be worth nearly $400 million, according to Crain’s.

    The houses of worship are hoping that the city will grant them the same flexibility regarding air rights that it is granting itself under the rezoning plan. For one, the owners of the architectural gems argue that they are desperate for a capital injection. [more]

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  • Midtown East

    From the October issue: Real estate players with interests in Midtown aren’t quite sure how to react to the city’s sweeping Midtown East rezoning proposal, which would allow for the construction of taller buildings in the area.

    The proposal is “a double-edged sword,” said Paul Selver, an attorney for Argent Ventures, which, through a subsidiary, owns more than 1 million square feet of Grand Central Terminal’s unused air rights. The rezoning could either help or harm the value of the company’s investment, he said. [more]

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  • L&L Holdings Chairman David Levinson and 425 Park Avenue

    L&L Holdings will have to wait until 2015 before it can begin developing Park Avenue’s first new office tower in more than 30 years. According to the New York Post, that could be a blessing. The Bloomberg administration has begun pushing a rezoning of office buildings in the Grand Central area that would lift restrictions on new buildings. [more]

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