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Midtown East Rezoning

Midtown East Rezoning

Midtown East Rezoning Denied by City Council

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Mayor Michael Bloomberg‘s initiative to rezone the 73 blocks of East Midtown surrounding Grand Central Terminal was met with rejection yesterday as members of the City Council announced they could not come to an agreement on the plan.

“A good idea alone is not enough to justify action today,” Council Speaker Christine Quinn and Council Member Dan Garodnick said in a joint-statement released yesterday. “We should rezone East Midtown, but only when we can do so properly. After extensive negotiations, we have been unable to reach agreement on a number of issues in the proposed plan.” Read More

Midtown East Rezoning

Grand Central Owner Argues Air Rights are Undervalued

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Andrew Penson, president and founder of Argent Ventures, owner of Grand Central Terminal, is fighting back against the Midtown East rezoning plan, which Mr. Penson argues undervalues the 1.3 million square feet of transferable development rights acquired along with the rail station, Crain’s New York reported.

As part of the rezoning proposal, the city is planning to charge $250 per square foot for development rights allowing developers to build larger towers in the Midtown East submarket. The city’s price, Mr. Penson argues, is half of what Argent values the air rights at. Read More

Midtown East Rezoning

Public Review for Midtown East Rezoning Begins

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New York City is beginning the public review process for the proposed rezoning of Midtown East, it was announced yesterday.

Our East Midtown plan provides zoning incentives for the development of a handful of new, state-of-the-art sustainable commercial buildings over the next 20 years,” said Amanda Burden, city planning commissioner, in a prepared statement. “This will enable this iconic district to build on its distinguished building stock and maintain a spectrum of commercial space for different business needs, including tenants seeking modern Class A offices.

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Midtown East Rezoning

In the Zone: Midtown East Rezoning Faces Challenges, Some Warn

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Capital requirements and the debate over building preservation are just two of the roadblocks the Midtown East rezoning plan faces on the path to approval, real estate professionals say.

Market participants anticipate a significant review process before any ground is broken, despite the plan’s potential benefits.

“I think it’s a work in progress,” David Greene, principal and president of brokerage services at Murray Hill Properties, told The Commercial Observer. “I think it will, eventually, after lots of public review, have a substantial meaning for the Grand Central area and north.” Read More

Midtown East Rezoning

Coalition Releases Midtown East Study, Preservationists Balk

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Midtown 21C, a coalition heavy on construction companies and labor organizations advocating for the rezoning of Midtown East, yesterday released a study evaluating the area’s historic assets and development history. The focus of the study was structures targeted by preservation groups for landmark status, which could hinder rezoning proposals.

Members of the coalition include the New York Building Congress, the Building Trades Employers Association, the Manhattan Chamber of Commerce, the Hotel Trades Council, 32BJ Service Employees Union and the Real Estate Board of New York (REBNY).

According to the study, prepared for Midtown 21C by CivicVisions LP of Philadelphia, “New York runs the risk of undermining its competitive edge by revisiting issues that were covered 30 years ago when truly iconic buildings were landmarked. If landmarks are created solely for the purpose of opposing redevelopment, they jeopardize New York’s future.” Read More