Time Warner move will leave a bare Midtown, councilman says

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

arrow_forward_ios
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
Related is the latest developer to target the Rockaways
From left: Steven Roth, chief executive officer, Vornado Realty Trust; Kathy Hochul, governor of New York; Stephen Ross, chairman and founder, The Related Companies (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Real estate showers Hochul with cash
Real estate showers Hochul with cash
Dan Garodnick (Getty, iStock)
Dan Garodnick to head City Planning
Dan Garodnick to head City Planning
Mayor Eric Adams with Jessica Katz of the Citizens Housing and Planning Council and Carlo Scissura (Getty, CHPCNY, Building Congress)
Adams to tap Jessica Katz for housing post, Carlo Scissura to run EDC
Adams to tap Jessica Katz for housing post, Carlo Scissura to run EDC
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
Eliot Spitzer, Stephen Ross, 506 and 152 West 36th Street and 511 West 35th Street (Google Maps, Related Group, IMDB)
Related Companies nabs land from Spitzer Enterprises for $77M
Related Companies nabs land from Spitzer Enterprises for $77M
Top loans: Related Companies exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Gravity CEO Moshe Cohen and Related CEO Jeff Blau (Getty, Gravity)
Related partners with electric vehicle startup to bring charging stations to NYC
Related partners with electric vehicle startup to bring charging stations to NYC
arrow_forward_ios

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

Loading...