City starts land use review on Midtown East rezoning proposal

Plans will make their way through ULURP

TRD New York /
Jan.January 03, 2017 03:23 PM

Midtown east and Carl Weisbrod,

Plans to rezone Midtown East are one step closer to becoming a reality after the city kick-started a lengthy land-use review process on Tuesday.

The Department of City Planning certified a proposal to rezone Midtown East, meaning the plans will now make their way through the Uniform Land Use Review Procedure, department officials announced on Tuesday. As part of the ULURP, the proposal — which could add 6.5 million square feet of commercial space to the neighborhood — will be reviewed by community boards 5 and 6, the Manhattan borough president, the City Planning Commission and the City Council. The process is expected to take seven months.

City Planning released its rezoning proposal in August, identifying 16 sites where 6.5 million square feet of office space could be added if the area is rezoned. Building owners would be able to either buy from a pool of 3.6 million square feet of landmarked air rights to beef up their square footage or — if within a specific transit improvement zone — contribute directly to specific infrastructure projects to benefit from the rezoning.  The city proposed to take a 20 percent cut of air rights sales, which will be dedicated to public improvements. The air rights also have a floor price of $78.60 per square foot. — Kathryn Brenzel


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