July 27, 2017
Not everyone is overjoyed by the rezoning of Greater East Midtown, which the New York City Council agreed to move forward with July 27, 2017, and is widely expected to receive its final approval soon.
Many in the real estate business say the rezoning will “pave the way for a new generation of signature office towers, while also attracting substantial private sector investment in the area’s transportation network and public spaces,” said Carlo Scissura, president and CEO of the New York Building Congress (pictured). “The future of East Midtown is much brighter thanks to today’s agreement.”
However, some still criticize. “The rezoning of Greater East Midtown has been premised on the strategy that new commercial development should help pay for much needed public improvements,” complained John Banks, president of the Real Estate Board of New York.
Forcing commercial developments to pay for this public infrastructure will make it harder to make new developments work, according to Banks. “Today’s agreement is a missed opportunity to ensure more, rather than less, commercial development. As a result, it is less likely that the public improvements that are needed in Greater East Midtown will be achieved.”
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