Bloomberg says Midtown East rezoning won’t poach Manhattan West tenants

TRD New York /
Jan.January 16, 2013 03:30 PM

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.

The city invested $2 billion to create the 7 train near the construction project, which is to be paid back in property taxes. But if development halts, the city would stand to lose a tidy sum.

Also, Hudson Yards would provide additional competition, as the developers have begun a major push to woo prospective corporate tenants.

“There’s lots of development going on all over the city, not only on the West Side but downtown, at the World Trade Center, in Brooklyn and Long Island City,” the mayor said. “People are surprised by how much interest there is.”

Still, he pointed to the so-called sunrise delay, which would push back rezoning until 2017 so that new projects have a chance to get off the ground.

John Zuccotti, the former chairman of Brookfield, was also nonchalant about the rezoning, which he said would “come in its time, but it won’t be as transformative as this because they’re building where there are already office buildings.” [NYO]  – Hiten Samtani


Related Articles

arrow_forward_ios
QIA CEO Mansoor Bin Ebrahim Al-Mahmoud, One Manhattan West and Brookfield CEO Brian Kingston (Getty; Brookfield)

Here’s how much tenants are paying at One Manhattan West

Here’s how much tenants are paying at One Manhattan West
Part Two: Brookfield’s Brian Kingston on Manhattan West, Lever House and working from home

Part Two: Brookfield’s Brian Kingston on Manhattan West, Lever House and working from home

Part Two: Brookfield’s Brian Kingston on Manhattan West, Lever House and working from home
Michael Bloomberg and the Westlands in Meeker, Colorado (Credit: Bloomberg by Toni L. Sandys/The Washington Post via Getty Images)

Michael Bloomberg picks up $44M estate in Colorado

Michael Bloomberg picks up $44M estate in Colorado
Michael Bloomberg and 229 West 43rd Street (Credit: Getty Images and Wikipedia)

Bloomberg moving campaign HQ to Times Square

Bloomberg moving campaign HQ to Times Square
Rudin Management Company's Bill Rudin, Blackstone's Jonathan Gray and Mike Bloomberg (Credit: Getty Images)

Bloomberg pitches real estate execs at NYC campaign HQ

Bloomberg pitches real estate execs at NYC campaign HQ
Michael Bloomberg (Credit: Getty Images, iStock)

Love, hate, and real estate: Bloomberg’s record may polarize voters

Love, hate, and real estate: Bloomberg’s record may polarize voters
Donald Trump and Michael Bloomberg (Credit: Getty Images)

Bloomberg v. Trump: Real estate edition

Bloomberg v. Trump: Real estate edition
Donald Trump and Michael Bloomberg (Credit: Getty Images)

Bloomberg v. Trump: Real estate edition

Bloomberg v. Trump: Real estate edition
arrow_forward_ios

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

Loading...