Quote:
Originally Posted by Crawford
Manhattan currently has, by far, the lowest commercial vacancy rate in the U.S. There's a desperate need for new office space.
And on what basis do you have the power to forsee the real estate market 10 years from now?
We're already doing this. There are landmarked buildings all over the place in this neighborhood, including three major landmarked buildings across the street from this site.
We just aren't preserving every single old building.
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"The new zoning might not go into effect until five years from now. The Bloomberg administration is considering such a delay because it doesn't want to create competition for the city's ambitious Hudson Yards project on the Far West Side, where developers are still seeking anchor tenants to help get large office towers off the ground."
"Mary Ann Tighe, a chairwoman at the brokerage firm CBRE and chairwoman of REBNY, said she hoped new zoning would double current height limits, and provide a tax incentive for developers. But even with modifications to height restrictions — they are unlikely to be doubled — it would take years before buildings could be emptied of tenants and rebuilt. “It isn’t like all of a sudden all these landlords will tear down their buildings and the neighborhood will be a huge construction zone,” Mr. Spinola said. “This is a long-term process that will take form over the next 10, 20, even 30 years.”
Still, if the plan goes ahead, it would mark the third modern office district the city is fostering at the same time. The city already has directed billions of dollars of investment in building up two other parts of Manhattan—the area around the World Trade Center site and the far West Side of Manhattan—which could potentially compete for the same tenants."
"Real-estate executives respond by saying that a rezoned Midtown would likely develop gradually, and wouldn't be a significant competitor to those other districts."
"...Including in Hudson Yards, and even exceed that height at the slowly redeveloping World Trade Center. And this was perhaps the greatest concern for community board members. “The public is spending billions of dollars at Hudson Yards and ground zero, and for good reason,” said Raju Mann, a member of Community Board 5. “We haven’t even seen what these projects have produced yet, so how can we be sure what’s appropriate for Midtown East?”
He also argued that the whole rationale for investing in these areas was because the administration had argued that Midtown was outmoded. Now to reinvest in that neighborhood, worthy as it is, could undercut the others before they have a chance to take root. The department counters that because Midtown is indeed built up, it will not develop over night and be a direct competitor to these areas, but instead this is a rezoning that will play out over two or three decades. Ms. Hsu-Chen made special note of a marked lack of office development in Midtown in the past decade to drive home the point that current zoning does not work."
http://www.nytimes.com/2012/05/20/ny...pagewanted=all
http://observer.com/2012/06/is-midto...taller-towers/
No one seems to understand that there is't an unlimited amount of prewar buildings in manhattan. As I've said before even if you demolished 20 old buildings a year in Manhattan that number would turn into 2,000 in a hundred years time... Roughly the size of the entire upper west side, if not larger..
And what three landmarked buildings are located across the street from the site? I hope you're not counting Grand Central.