The Real Deal New York

SL Green’s One Vanderbilt, rezoning get key approvals

Zoning subcommittee votes 7-0 to allow a special permit and increase density
May 05, 2015 04:45PM

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