The Real Deal New York

De Blasio’s Midtown East rezoning could take years

Second stage of rejiggering not likely to occur until 2016
June 02, 2014 08:00AM

Expect delays on the rezoning of Midtown East.

The first stage in the rezoning will occur along Vanderbilt Avenue, west of Grand Central. That zoning change — from East 42nd Street to East 47th Street — opens up the chance for SL Green to build its proposed 65-story tower there. The rest of the rezoning of the roughly 70-block area, however, will likely not happen until 2016.

A similar plan failed under the Bloomberg administration. And while Mayor Bill de Blasio supports rezoning the area, the city’s deputy mayor told Crain’s that it’s not the most important item on the agenda.

“It’s not the number one thing we’re working on right now,” Deputy Mayor Alicia Glen told Crain’s.

The goal of the zoning change is to replace the area’s aging office buildings with new skyscrapers. But de Blasio’s plan is more ambitious than his predecessor’s and includes transportation improvements in the area. Those improvements will be paid by private developers, according to Crain’s.

SL Green, which aims to build its One Vanderbilt between Vanderbilt and Madison Avenues near 42nd Street,  has agreed to spend $100 million on infrastructure. Other developers will have to commit to similar amounts before receiving approvals to build their towers.  [Crain’s] — Claire Moses