WATCH: A rezoning of Midtown East would be huge for owners at these 5 sites

City proposal would increase the permitted maximum density of office space by about 30%

New York /
Aug.August 31, 2016 10:51 AM

Midtown East may be on the verge of a growth spurt.

City Hall has released a draft proposal to rezone Midtown East, which would allow developers to build to a maximum density of roughly 30 percent more than it currently permitted in the area. The proposal, which would allow taller buildings to be constructed near to Grand Central Terminal, is ultimately an attempt to encourage the development of more office space in the neighborhood.

In order to take advantage of the proposed increase in maximum density, developers would have to purchase air rights from landmarked buildings or contribute money to public infrastructure projects. One Vanderbilt is currently leading the way, with developer SL Green Realty receiving zoning benefits in exchange for buying air rights from the Grand Central Terminal area and providing $210 million toward local subway station improvements.

The proposal specifically targets 16 sites in the area and breaks down how much office space could be gained by the rezoning–the combined potential of these sites is 6.6 million square-feet of office space.

To see the top 5 sites that stand to gain the most office space, watch the video above.

For more videos, visit The Real Deal’s YouTube page.


Related Articles

arrow_forward_ios
As office market laguishes, single-tenant buildings pose risk to landlords (iStock)
Single-tenant office buildings face higher risk of default
Single-tenant office buildings face higher risk of default
JPMorgan CEO Jamie Dimon and 270 Park Avenue (Getty, Google Maps)
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
TIG founding principal Elliott Ingerman and the Textile Building at 295 Fifth Avenue (LinkedIn, Google Maps)
Fifth Avenue’s Textile Building to get $350M makeover
Fifth Avenue’s Textile Building to get $350M makeover
4 Park Avenue (Feil Organization)
With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
(Getty)
Different state, same problem: Office availbility soars in NJ
Different state, same problem: Office availbility soars in NJ
General Assembly's CEO Lisa Lewin (General Assembly)
General Assembly renews 40K sf lease in Flatiron District
General Assembly renews 40K sf lease in Flatiron District
HqO CEO Chase Garbarino (HqO via Facebook)
Big landlords invest $60M in “tenant experience” startup HqO
Big landlords invest $60M in “tenant experience” startup HqO
arrow_forward_ios

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

Loading...