City Planning presents Midtown East rezoning plan

New York /
Jul.July 12, 2012 03:00 PM

While a new pedestrian plaza near Grand Central Terminal has grabbed the headlines this week, it’s really just a small aspect of a widespread rezoning of Midtown East to which Mayor Michael Bloomberg is reportedly pinning his legacy.

Bloomberg News reported that the Department of City Planning presented the mayor’s preliminary vision for the rezoning, which is aimed at encouraging modern office development in Midtown East, to Community Board 5 yesterday.

The plan would allow for building owners to acquire air rights to build as high as 900 feet in the area immediately surrounding Grand Central. Outside the “core” area, on the blocks bounded by Lexington and Madison avenues and East 39th and East 49th streets, towers of 700 feet would be permitted. According to the New York Observer the floor-area-ratio limits would increase to 24 for the core area, and 21.6 outside the core. Elsewhere in Midtown East the allowable FAR would rise to 18 from 15.

However, to acquire these rights, developers would be required to obain “a new special permit,” which would be limited to key sites where developers promise to fund improvements to pedestrian areas and transit hubs. They can also purchase air rights from nearby landmarks.

The community board voiced concern about further congesting its neighborhood, but supported the “basic core” idea, according to its chairwoman. [Bloomberg] and [NYO]


Related Articles

arrow_forward_ios
The MTA board approved rent relief for small businesses in Grand Central and other locations (iStock)

MTA cuts rent up to 90% for small businesses

MTA cuts rent up to 90% for small businesses
(Getty)

MTA proposes percentage-based rent payments for Grand Central retailers

MTA proposes percentage-based rent payments for Grand Central retailers
TRD's Erik Engquist and MTA Chief Development Officer Janno Lieber 

MTA development chief: Capital budget will be “cannibalized” without federal aid

MTA development chief: Capital budget will be “cannibalized” without federal aid
NYC’s Department of City Planning is making part of its land-use application available to file online (iStock; Pixabay)

Zoning process enters 21st century with online filing

Zoning process enters 21st century with online filing
From left: Port Authority Bus Terminal, Grand Central and Penn Station (Wikipedia, Pixabay, CDC)

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market
Joe Germanotta at Art Bird & Whiskey Bar and Lady Gaga (inset) (Photo by Stephanie Ott/picture alliance via Getty Images; Lady Gaga by Kevin Mazur/Getty Images for NARAS)

Lady Gaga’s dad, MTA in rent feud over homeless at Grand Central

Lady Gaga’s dad, MTA in rent feud over homeless at Grand Central
Morry Kalimian, Gene Kaufman and Bill de Blasio and a map of the Special Union Square District (Credit: Getty Images, Studio Scrivo, New York State Courts)

Hotel developer sues city over special permit plan

Hotel developer sues city over special permit plan
Brooklyn Councilmember Justin Brannan 

NYC pol aims to curb Amazon-style warehouses

NYC pol aims to curb Amazon-style warehouses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...