Midtown East Rezoning Update - August 27, 2016
Tuesday, September 6, 2016
Source: Crain's New York
August 24, 2016, crainsnewyork.com, "City releases long-awaited plan to spur office development in midtown east: The rezoning proposal would allow taller buildings to be constructed near to Grand Central Terminal," by Joe Anuta.
The city quietly published on Monday its plan to allow bigger and more modern office towers in midtown east—the first step in the formal rezoning of the neighborhood.
The long-awaited midtown east proposal would allow the tallest buildings to be erected right next to Grand Central Terminal, increasing the current permitted maximum density by about 30%.
"This would be the highest as-of-right density allowance in the east midtown subdistrict, reflecting the [city's] planning policy of focusing density in areas with excellent access to transit," wrote the Department of City Planning in documents posted on its website...
Buildings along Park Avenue and near subway stations farther north in the district, which encompasses the area bounded by East 39th and East 57th streets to the north and south, and Madison Avenue and Third Avenue to the east and west, would also receive a significant boost, while properties located on streets farther from transit would have smaller maximum densities.
The proposal would allow owners of landmarked buildings in the district to sell air rights across the district, rather than just adjacent to their properties, as currently allowed. Building owners who wish to achieve the maximum allowable densities would need to contribute financially to improving the area's transit infrastructure or purchase air rights from landmarked properties in the area.