City moves ahead with plans to rezone Governors Island

Plan could make way for 4.5M sf of development

New York /
Feb.February 14, 2018 05:20 PM

Governors Island and Michael Samuelian

The city is moving forward with plans to make way for 4.5 million square feet of development on Governors Island.

The Trust for Governors Island held its first meeting this week to discuss rezoning part of the island for commercial real estate development, Crain’s reported. Though the island is zoned for residential use, a 2003 agreement with the federal government prevents the city from building housing. A 2010 masterplan for the island set aside 33 acres for future development, and paved the way for 43 acres of new parkland that was completed last year.

The trust is seeking to rezone part of the island to allow a variety of buildings, including hotels, dorms and offices. Most of the structures will rise between 75 to 125 feet tall, though some dorms and hotels could reach 300 feet high. Some of the office buildings might feature 100,000-square-foot floor plates.

“That’s a building type you don’t really get in Manhattan,” said Michael Samuelian, who was tapped to head the trust in 2016. “But it could be very valuable for the types of tenants we are trying to attract.”

The trust hopes to begin the public-review process for the rezoning by the end of the year. If approved, the organization would plan to issue a request for proposals by 2020. [Crain’s]Kathryn Brenzel


Related Articles

arrow_forward_ios
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
Gary Barnett
Gary Barnett has something to say
Gary Barnett has something to say
Ben Shaoul and 1457 North Main Street (Getty, LoopNet)
Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
Tri-state deal roundup: Multifamily, industrial still hot
Tri-state deal roundup: Multifamily, industrial still hot
Adam Leitman Bailey, Y. David Scharf, and Miki Naftali with 215 West 84th Street (Adam Leitman Bailey, Morrison Cohen, Getty)
Naftali lays out project as holdout tenant plays new card
Naftali lays out project as holdout tenant plays new card
Seth Boyden Court in Newark NJ with Great Point Studios CEO Robert Halmi (Loopnet, Great Point Studios, iStock)
Film studio to replace vacant public housing in Newark
Film studio to replace vacant public housing in Newark
Harry and Linda Macklowe (Getty Images, Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), NY, Sotheby's, iStock)
Macklowe art collection fetches nearly $1B at auction
Macklowe art collection fetches nearly $1B at auction
A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
Holdout threatens massive Long Island development
Holdout threatens massive Long Island development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...