City proposes rezoning to benefit SL Green’s 1 Vanderbilt

Plan would affect five-block stretch bordering Grand Central Terminal

New York /
May.May 30, 2014 08:30 AM

Mayor Bill de Blasio’s administration has proposed rezoning a five-block stretch surrounding Grand Central Terminal to allow for the construction of SL Green’s 65-story tower project 1 Vanderbilt.

De Blasio’s plan looks to partly resuscitate the failed push by his predecessor, Michael Bloomberg, to rezone 73 blocks of Midtown East to make way for larger office buildings. SL Green has been negotiating with TD Bank about becoming the flagship tenant at the proposed 1,200-foot tower.

Alicia Glen, deputy mayor for housing and economic development, said a timeframe for the rezoning would be announced in the next two weeks. Former Metropolitan Transportation Authority sites – located at 341, 345 And 347 Madison Avenue – and the Yale Club of New York City at 50 Vanderbilt Avenue would be part of the rezoning, the Wall Street Journal reported. Vanderbilt Avenue, between 42nd and 43rd streets, would be converted into a pedestrian plaza.

The rezoning would span from East 42nd Street to East 47th Street along Vanderbilt. The tower would occupy the site between Vanderbilt and Madison avenues and East 42nd and East 43rd streets, the Journal said. [WSJ] and [NYT]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
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
410 Tenth Avenue (Google Maps, iStock)

Real estate stocks had a big week. But are they still undervalued?

Real estate stocks had a big week. But are they still undervalued?
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)

Office unease: Tenants are paying up but staying away

Office unease: Tenants are paying up but staying away
(Getty, iStock)

Office, apartment REITs get shot in the arm from vaccine news

Office, apartment REITs get shot in the arm from vaccine news
A photo illustration of SL Green's Marc Holliday (Getty; iStock; SL Green)

NYC offices get creative to lure workers back

NYC offices get creative to lure workers back
arrow_forward_ios

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

Loading...