Time Warner move will leave a bare Midtown, councilman says

TRD New York /
Jul.July 09, 2013 11:00 AM

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

Related Articles

Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images)

It’s official: Facebook is taking 1.5M sf in Hudson Yards

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

Related Chairman Steve Ross and Time Warner Center at 25 Columbus Circle (Credit: Getty Images and iStock)

A free penthouse for Steve Ross, now on the market for $75M

Jho Low and the Mandarin Oriental penthouse at 80 Columbus Circle (Credit: Getty Images and StreatEasy)

Jho Low’s old pad at the Time Warner Center is officially up for sale at $30M

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing