Axed Midtown East plans quash SL Green’s One Vanderbilt

New York /
Nov.November 13, 2013 01:19 PM

The demise of Mayor Bloomberg’s Midtown East rezoning proposal put a freeze on developer SL Green Realty’s lofty plans for a 65-story, 1.5 million-square-foot office tower One Vanderbilt adjacent to Grand Central Station.

The 73-block rezoning would have allowed for taller skyscrapers, specifically the one SL Green CEO Marc Holliday hoped to build. The firm planned to donate $200 million for public improvements and expand the train station’s underground concourse to connect to the tower, the New York Daily News reported.

An underground hallway would cover both 42nd and 43rd Streets, and create new entrances to the terminal and a 4,500-square-foot glass space for the public at 43rd Street and Vanderbilt Avenue.

“We appreciate the growing consensus that there is an urgent need for modern office buildings in Midtown and the transit infrastructure to support them,” Holliday told the Daily News.

SL Green unveiled designs for the tower, located at Vanderbilt and Madison avenues and 42nd and 43rd streets, last month, as previously reported.

The Midtown East plan is not totally dead, as mayor-elect Bill de Blasio has vowed to revisit the plan, albeit with potentially significant changes. [NYDN]Mark Maurer


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
SL Green's Marc Holliday and 450 Park Avenue (Getty, Reading Tom, CC BY 2.0 via Wikimedia Commons)
SL Green reports $44M quarterly loss as it pivots to paying down debt
SL Green reports $44M quarterly loss as it pivots to paying down debt
Mayor Steven Fulop (Mayor Steven Fulop)
Jersey City needs developers to make its inclusionary housing work
Jersey City needs developers to make its inclusionary housing work
415 Madison Avenue and Rudin Management’s Bill Rudin (SOM, Rudin Management)
Rudin moves ahead with office building at 415 Madison Avenue
Rudin moves ahead with office building at 415 Madison Avenue
arrow_forward_ios

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

Loading...