Archdiocese: Midtown East air rights price floor would be sinful

Developers also oppose proposal

TRD New York /
Oct.October 12, 2016 08:11 AM

Religious organizations refuse to turn the other cheek on a proposed price floor for air rights in a rezoned Midtown East, joining developers in opposition.

“We expect the proposed floor price to have the effect of decreasing funding available for public-realm improvements and stifling the very redevelopment that the city is seeking to facilitate,” the Archdiocese of New York said in a statement delivered in September.

As part of a sweeping rezoning proposal for the neighborhood, the Department of City Planning wants to set a minimum price for air rights. The city would get up to 40 percent of air rights sale proceeds under the proposal, and can use that money for public infrastructure improvements in the area. The worry is that a glut of air rights will push prices so low that little money will be left for these improvements – hence the price floor.

“The floor price is a tool that ensures a minimum contribution will be made to east midtown’s public-realm improvement fund as part of each development-rights transfer,” a DCP spokesperson told Crain’s.

Local City Council member Dan Garodnick also supports the price floor. Many details of the proposed rezoning still remain up in the air. [Crain’s] — Konrad Putzier


Related Articles

arrow_forward_ios
350 Park

Vornado, Rudin mull 1,450-foot tower in Midtown East

Suri Kasirer

WATCH: Suri Kasirer on the influence of her father’s Holocaust stories and lobbying hard for the Vanderbilt Corridor and Cornell Tech

JPMorgan is redesigning 270 Park after pushback over public space

JPMorgan is redesigning 270 Park after pushback over public space

Grand Central and Chrysler building in daytime

RXR joining TF Cornerstone, MSD Capital on $3B Grand Hyatt redevelopment

JPMorgan buys 667K sf of air rights from Grand Central for 270 Park

JPMorgan buys 667K sf of air rights from Grand Central for 270 Park

Board of 417 Park Avenue makes another push for sale

Board of 417 Park Avenue makes another push for sale

JPMorgan Chase isn’t done buying air rights for its ground-up HQ

JPMorgan Chase isn’t done buying air rights for its ground-up HQ

270 Park Avenue, grand central, Jamie Dimon, Michael Dell

JPMorgan Chase strikes big air rights deal

arrow_forward_ios