Garment District rezoning on track for approval this year

The community board held its first hearing last month

TRD New York /
Jul.July 12, 2018 10:30 AM

Macy’s department store at 151 West 34th Street (Credit: iStock)

Rezoning of the Garment District is on track to be approved by the end of the year.

The city’s plan to allow more commercial space has a smooth path toward being greenlit, Crain’s reported. The plan would remove an old rule that has required certain building owners in the area to dedicate half their floor area for manufacturing.

The community board held its first hearing on the issue last month — and will hold on to the application until passing it off to the City Planning Commission in late August, the report said. The City Council will likely grant approval before year-end, partly because Council Speaker Corey Johnson was involved in the plan.

Meanwhile, the city’s Economic Development Corp. hopes to preserve more than 300,000 square feet of garment manufacturing by offering landlords a tax credit, the report said. And the city has pledged to dedicate as much as $20 million to acquire a building for manufacturing use.

Last month, the city proposed revised plans after a previous proposal was temporarily tabled. The latest plan allows owners of buildings on certain side streets to convert their spaces to office use without having to preserve manufacturing space. [Crain’s] — Meenal Vamburkar

 

Related Articles

arrow_forward_ios
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Council member Brad Lander and Gowanus (Credit: Lander by Erik McGregor/Pacific Press/LightRocket via Getty Images, Spencer Platt/Getty Images)

Will Gowanus be the next botched rezoning?

Will Gowanus be the next botched rezoning?
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
arrow_forward_ios

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

Loading...