May
13

East Midtown Rezoning

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The East Midtown rezoning proposal was certified by the City Planning Commission on April 22.  It now begins a 7-month Uniform Land Use Review Procedure (ULURP) that begins with review by the local community boards, followed by the Manhattan Borough President, the City Planning Commission and finally the City Council.  Here are some key numbers in this proposal:

  • 70 million – the amount of square feet of office space in East Midtown
  • 14.5 million – the total amount of square feet of new development to result from the East Midtown Rezoning Proposal (broken down below)
  • 10 million – the amount of square feet of existing space to be replaced with new development resulting from the East Midtown Rezoning Proposal
  • 4.5 million – the amount of square feet of additional development resulting from the East Midtown Rezoning Proposal
  • 1.35 million – the amount of unused development rights from Grand Central
  • 250,000 – the number of jobs in East Midtown
  • 40,000 – the minimum square foot site size with 200 feet of wide street frontage to build to the highest FAR within the Grand Central Core
  • 25,000 – the minimum square foot site size with 200 feet of wide street frontage to build using the higher as of right FAR
  • $250 – per square foot cost of the District Improvement Bonus (DIB )for additional floor area above base
  • 80 – the percentage of office stock in East Midtown over 50 years old
  • 73 – the average age of office buildings in East Midtown
  • 67 –the number of New York City Landmark-eligible and/or State/National Register-eligible historic resources identified in East Midtown and surrounding study area.
  • 65 – the number of office buildings that are overbuilt by current zoning standards
  • 20 – the proposed extended width in feet of sidewalks along Madison and Lexington Avenues to improve pedestrian network challenges
  • 20 – the number of potential development sites in East Midtown
  • 19 – the number of projected development sites in East Midtown
  • 15 – the minimum percentage by which buildings utilizing DIB must outperform the current NYC Energy Conservation Code
  • 14 – the number of Fortune 500 companies in East Midtown
  • 13 – the existing width in feet of sidewalks along Madison and Lexington Avenues
  • 5 – the approximate percentage of total office space built in East Midtown over the last 20 years
  • 2 – the number of new office buildings constructed in East Midtown in the last decade
  • 07/01/17 – the earliest date that building permits for Qualifying Sites can be issued

The East Midtown rezoning extending from 39th Street to 57th, from Second Ave and Third Ave to almost Fifth Ave borders our neighborhoods on the Upper East Side.

 

From REBNY Research Newsletter.

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