There are millions of people who work in office buildings in Manhattan, in all different industry in different parts of the city. While the main hubs for office buildings have really been in the Financial District and Hudson Yard, the City Planning Commission has approved plans to rezone 78 blocks of Midtown East to allow for the creation of 6.5 million square feet of office space over the next 20 years. As of now, the rezoned area would run north to south between East 39th and East 57th and east to west between Third Avenue and and Fifth Avenue.
Why a rezoning?
The city wants Manhattan to stay competitive as a business hub. Many of the current office buildings are over 75 years old, and officials are worried they won’t appeal to tenants, since the features tenants require are only able to be provided in new buildings. The revenue will also allow for the upkeep of landmarked buildings.
How does the NYC rezoning affect landmarked buildings?
The rezoning would allow landmarked buildings to sell their unused air rights if developers make and pay for transit improvements. The proposal would allow developers to use the air rights within a specified section of Midtown, not just in the area next to the landmarked building. However, the city would 20-40% of the sale proceeds.
Is everyone involved on-board for the rezoning?
Not exactly. The city and developers are a bit at odds over the idea for a few reasons. First off, landmarked buildings, such as St. Patrick’s Cathedral, don’t love the fact that the city would take such a big chunk of its profits. Developers think that the proposed minimum price on the air rights will hinder buyers from purchasing the space, and the Cathedral also shares that sentiment, thinking a lack of funding will occur because of the minimums.
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