June 12, 2017 Comments Off on Midtown East Almost Rezoned Views: 727 New York News, Top New York

Midtown East Almost Rezoned

Let the bonanza begin. A massive rezoning of the Midtown East area is almost final. Once it’s approved by the City Council — provided there are no last minute surprises — the change will allow developers to build 6.8 million square feet of new office and retail space in the 78 blocks around Grand Central Station.

“This is a momentous occasion,” said Marisa Lago, director of the Department of City Planning, to the Commercial Observer.

The City Planning Commission voted unanimously to approve the plan June 7… one of the last steps in what has been a seven-month Uniform Land Use Review Process. The proposal would allow three ways for builders to get the right to add floor area:
– tapping into a pool of 3.5 million square feet in unused air rights from landmarked buildings;
– funding improvements to public transit or the streetscape;
– or rebuilding an office development

Read More at Commercial Observer

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