De Blasio’s Midtown East rezoning could take years

Second stage of rejiggering not likely to occur until 2016

New York /
Jun.June 02, 2014 08:00 AM

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 


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 CEO Marc Holliday (Getty, SL Green)
“The ink on the leases” shows tenants still want office space: SL Green CEO
“The ink on the leases” shows tenants still want office space: SL Green CEO
SL Green CEO Marc Holliday and One Vanderbilt (Getty)
SL Green asking record $322 psf at One Vanderbilt
SL Green asking record $322 psf at One Vanderbilt
SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)
SL Green pays $28M for full control of Midtown office building
SL Green pays $28M for full control of Midtown office building
Employees revolt against return-to-office edicts
Employees revolt against return-to-office edicts
Employees revolt against return-to-office edicts
One Vanderbilt and Marc Holliday (SL Green, HeartlessMind/Wikimedia)
SL Green closes on $3B One Vanderbilt refi
SL Green closes on $3B One Vanderbilt refi
arrow_forward_ios

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

Loading...