The five landlords that have the most to gain from the Midtown East rezoning

SL Green and Tishman Speyer are the two biggest in the area
September 14, 2017 10:40AM

From left: 280 Park Avenue, Scott Rechler, Rob Speyer, Marc Holliday and rendering of 1 Vandebilt

Just five landlords lay claim to about half of Midtown East’s commercial square footage that the city plans to rezone to allow for taller offices.

SL Green Realty has 8.7 million square feet in the area slated for rezoning, and is therefore the biggest landlord in the area, Crain’s reported, citing data from brokerage CBRE. The real estate investment trust is making use of 1.2 million square feet of air rights from Grand Central in order to build One Vanderbilt.

Tishman Speyer, with 3.8 million square feet, comes in second. Vornado Realty Trust, with 2.9 million square feet, is third. Scott Rechler’s RXR Realty is next on the list with 2.3 million square feet, and Chinese conglomerate HNA Group comes in at fifth, with 1.7 million, basically because it owns 245 Park Avenue.

The City Council passed the Midtown East rezoning last month, which paved the way for 6.5 million square feet of new office space in the area. More than 70 blocks in the district were rezoned and developers are now allowed to build a higher floor area ratio — the highest being a FAR of 27 in some areas.  [Crain’s]Miriam Hall