The Real Deal New York

Midtown rezoning has air rights players watching and waiting

Building owners, investors nervous about how Bloomberg proposal will pencil out financially
By Jake Mooney | October 25, 2012 10:30AM

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]