SL Green’s One Vanderbilt, rezoning get key approvals

Zoning subcommittee votes 7-0 to allow a special permit and increase density

New York /
May.May 05, 2015 04:45 PM

SL Green Realty’s proposed 63-story tower at One Vanderbilt and a rezoning of the Vanderbilt corridor are one step closer to approval after the City Council zoning subcommittee voted unanimously in their favor Tuesday.

The subcommittee voted 7-0 to approve a special permit to allow increased density along the five-block Vanderbilt Corridor, and also voted to allow SL Green’s plans for its 1.6 million-square-foot tower to proceed, according to the New York Observer.

The City Council negotiated with SL Green to amend the plan approved by the City Planning Commission in March and secure public benefits like improved connectivity between East 43rd Street and the building’s lobby and access to The Public Plaza in front of the building. As a concession, SL Green will give up the opportunity for retail space on the ground level. Part of the agreement includes a three-story transit hall along East 42nd Street.

Council member Daniel Garodnick made the announcement on the steps of City Hall Tuesday morning. “This is something that New Yorkers may not appreciate at this moment in time because East Side Access is not even finished, but when it is done, they are going to be thanking us for many, many years,” he said.

The proposal will now go back to City Planning. If it is approved, it will go for a final vote before the entire City Council.

SL Green CEO Mark Holliday recently said the company is considering joint ventures for the project. [NYO] — Tess Hofmann

 

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
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
SL Green's Marc Hollday, 635-641 Avenue of the Americas, Infor's Kevin Samuelson. (Infor, SL Green)
Software company Infor renews 90K sf Chelsea lease
Software company Infor renews 90K sf Chelsea lease
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
106 Spring Street with SL Green's Marc Holliday of SL Green and Paceline Equity Partners' Sam Loughlin (Google Maps, iStock)
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
SL Green's Marc Holliday and Brookfield Asset Management's Bruce Flatt with Tower 46. (SL Green, Brookfield)
SL Green to sell its 25% stake in Tower 46 to Brookfield
SL Green to sell its 25% stake in Tower 46 to Brookfield
arrow_forward_ios

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

Loading...