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Old Posted Aug 10, 2017, 3:49 PM
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https://www.nytimes.com/2017/08/09/n...manhattan.html

New York City Council Approves Rezoning Plan for Midtown Manhattan

By PATRICK McGEEHAN
AUG. 9, 2017


Quote:
The City Council on Wednesday unanimously approved a rezoning for a section of Midtown Manhattan that is likely to make the area even more densely packed with high-rise office buildings but that promises to yield improvements to subway stations and public spaces.

The change will also allow several buildings with landmark status, including St. Patrick’s Cathedral, to transfer their unused development rights to building sites anywhere in the affected 78-block area. The rezoned blocks, known as East Midtown, run from East 39th Street to East 57th Street, from Third to Madison Avenues.

...Large employers have been leaving that part of Midtown for state-of-the-art buildings at the Hudson Yards project on the Far West Side or at the new World Trade Center complex in Lower Manhattan. City officials have been seeking ways to increase East Midtown’s appeal since Michael R. Bloomberg was mayor.

...The change could result in more ultra-tall towers like One Vanderbilt, which is going up near Grand Central Terminal and will be nearly as tall as the Empire State Building. When all of the additional development rights have been used in a decade or two, the Chrysler Building could cease to stand out on the Midtown skyline.

Before all of the new towers can sprout, developers must strike deals with the owners of landmark buildings like St. Patrick’s. The cathedral has not made full use of development rights for the block it occupies on Fifth Avenue opposite Rockefeller Center, and can now sell the rest, totaling about 1.1 million square feet.
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