March 6, 2017
The plan to change the zoning map for the Greater East Midtown neighborhood might not do enough to encourage new development. “We have concerns whether the plan will generate sufficient development to fund much needed public improvements—like mass transit upgrades,” said John Banks, president of the Real Estate Board of New York (REBNY), writing in an editorial to “Real Estate Weekly.”
Banks recommends the City remove its proposed “floor price” for the sale of landmark development rights, which he thinks are set too high. The City should also allow new as-of-right development on mid-block sites, and should include the East site of Third Avenue in its rezoning plans.
Photo: Eric Baetscher, wikimedia commons
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