City to unveil revised plan for rezoning in Garment District

Proposal seems to have more support

New York /
Jun.June 04, 2018 08:55 AM

CEO James Patchett and the Garment District (Credit: Mayor’s Office and Garment District)

Nearly a year after tabling plans to rezone the Garment District, city officials are poised to introduce a revised version of the proposal.

The new plan, which is expected to be announced in the next few days, would lift a 1987 zoning restriction on certain side streets in the Garment District rather than the entire neighborhood, the Wall Street Journal reported. Under the old zoning, landlords looking to convert manufacturing space into offices must maintain a 1:1 ratio, meaning that as much garment manufacturing space is maintained in the building as office space.

The city would also help keep the garment industry in the neighborhood by spending up to $20 million to acquire a building for manufacturing use and offering tax breaks to landlords who set aside at least 25,000 square feet for manufacturers.

“I don’t view this as a win for the real-estate industry,” said James Patchett, chief executive of the New York City Economic Development Corporation. “It was a win for the garment industry because we have been watching for …the last few decades the decline of the garment industry in New York.”

The new proposal seems to have the backing of the industry and officials who were critical of the previous plan, which some argued didn’t do enough to protect the garment industry. [WSJ] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Rudin Management CEO Bill Rudin and 3 Times Square (Getty Images, 3 Times Square, iStock)
Rudin gets $415M refi for 3 Times Square makeover
Rudin gets $415M refi for 3 Times Square makeover
(iStock)
Bidding wars proliferate in rental market
Bidding wars proliferate in rental market
From left: Cushman & Wakefield chairman Brett White and Newmark CEO Barry Gosin (Cushman & Wakefield, Newmark, iStock)
Rumors fly regarding Cushman-Newmark merger: report
Rumors fly regarding Cushman-Newmark merger: report
Saratoga County Homestead (Facebook, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
From left: Alice Technologies founder and CEO René Morkos; Join CEO Andrew Zukoski (LinkedIn/René Morkos, LinkedIn/ Andrew Zukoski, iStock)
Construction tech startups Alice, Join score new commitments
Construction tech startups Alice, Join score new commitments
Yelp's Jeremy Stoppelman, Remote Work
Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
On the dock-et: Shelter Island inn owner sues town
On the dock-et: Shelter Island inn owner sues town
Carl Icahn and Rialto Capital’s Adam Singer (Getty Images. Rialto Capital, Illustration by Kevin Cifuentes for The Real Deal)
Carl Icahn goes to war against Rialto, CMBS servicers
Carl Icahn goes to war against Rialto, CMBS servicers
arrow_forward_ios

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

Loading...