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

Developer could have foregone setback rules in Rego Park

TRD 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

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“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

11 Penn Plaza and Apple CEO Tim Cook (Credit: Vornado, Getty Images)

Apple is in talks for a lease at Vornado’s 11 Penn Plaza

Vornado Realty Trust’s Steve Roth and 220 Central Park South (Credit: Getty Images, Google Maps, iStock)

Vornado sells another $55M condo at 220 Central Park South

Clockwise from left: 1290 Sixth Avenue, 40 Wall Street, President Donald Trump, Trump National Doral in Miami and Trump International Hotel in Washington, DC (Credit: Getty Images, Vornado, Wikipedia)

Trump Org’s office holdings help offset hotel losses: analysis

From left: Jeff Bezos with 212 Fifth Avenue and Ken Griffin and Sting with 220 Central Park South (Credit: Getty Images, StreetEasy)

Records, records and more records: Resi deals set higher bar in 2019

220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps, Getty Images, iStock)

At 220 CPS, three deeds in one day fetch $150M

arrow_forward_ios
Loading...