Bill would have cleared way for Vornado’s resi tower in Queens

Developer could have foregone setback rules in Rego Park

New York /
Sep.September 12, 2016 10:15 AM

A bill proposed earlier this year would have allowed Vornado Realty Trust to take over city-owned land in Rego Park, Queens, and to forego certain setback rules to build a residential tower in the area.

Queens legislators State Senator Toby Ann Stavisky and Assemblyman Jeffrion Aubry proposed the now-defunct bill, and it’s not clear if it will be revived in the next legislative session, Crain’s reported. The bill, however, provides a glimpse into the real estate investment trust’s interests and potential future plans in the area.

The legislation would have given Vornado ownership of air over parkland that is adjacent to the company’s property near Lost Battalion Hall. This would have allowed Vornado TRData LogoTINY to build a residential tower right up against the park’s border, eliminating a 30-foot setback rule. In exchange, Vornado would potentially pay for park improvements and give the city a comparable-sized easement over its property.

Vornado’s new residential tower would be near the Rego Center Mall, where the developer built a luxury rental tower, The Alexander.  [Crain’s] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
From left: 555 California Street in San Francisco, Vornado CEO Steven Roth and 1290 Sixth Avenue in Manhattan (Photos via Wikipedia Commons; Getty; Trump Org)

Vornado halts sale of office towers co-owned with Trump

Vornado halts sale of office towers co-owned with Trump
Clockwise from left: Ken Griffin, Michael Cantanucci, Albert Behler, Renata de Camargo Nascimento, Daniel Och and Sting and Trudie Styler

The stars and czars who’ve bought at 220 Central Park South

The stars and czars who’ve bought at 220 Central Park South
Steven Roth and 220 Central Park South, which has effectively created its own tier of the luxury market.

The inside story of the world’s most profitable condo

The inside story of the world’s most profitable condo
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)

Office unease: Tenants are paying up but staying away

Office unease: Tenants are paying up but staying away
arrow_forward_ios

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

Loading...