The Real Deal New York

Charles Cohen proposes zoning incentive plan for art space

Under investor's plan, adding a gallery lets you build more apartments
April 18, 2017 08:34AM

Charles Cohen

Real estate investor Charles Cohen says the city should adopt a zoning incentive program for art space.

“Lots of art cinemas around the country are resorting to a nonprofit form of operating, having to rely on personal donations from those who want to support them,” he told the New York Post. “Why not have the Department of City Planning incentivize creation of cultural amenities in areas where there’s demand for them?”

Cohen, the CEO of Cohen Brothers Realty, argues that the city already incentivizes the creation of affordable housing and community space by granting developers air rights to build taller and could do the same for art space. Under his proposal, developers that add galleries or cultural centers to new buildings would be allowed to build more apartments.

Cohen owns numerous New York City properties and has also worked as a film producer. In November, he told The Real Deal that he had no interest in buying and developing sites in New York because costs were “too high” and the upside “too small.” [NYP] — Konrad Putzier