After years of effort, the city council is close to approving a major rezoning of the “Midtown East” commercial-office district. This area east of Grand Central Terminal was formerly the core of Manhattan’s central business district, but the aging building stock is not appealing to modern tenants. New construction in Midtown East could bring jobs and activity to a moribund area, but the city must work with the real estate industry to ensure that the terms are workable: otherwise, the rezoning won’t produce anything new.
The Facts You Need to Know
Ancient: Seventy-five percent of the 400 buildings in the area are at least 50 years old and do not offer the type of open floorplan that tenants desire. Read more.
Transit: The Second Avenue Subway extension and the LIRR East Side Access project will greatly increase the attractiveness of Midtown East as a destination for employers. Read more.
Trust: The de Blasio administration wants to set a high minimum sale rate on air rights in the district, concerned that the industry will attempt to defraud the city by making side deals. Read more.
“East Midtown is back.”
The Past is Present
“Everybody knows that New York City’s economy has boomed during the Giuliani administration, but just how spectacularly it has grown comes as a shock when you look at the details.”
Shakespeare & Co. presents
Author’s Talk: Insane Consequences
with DJ Jaffe and Howard Husock
August 3, 2017 | New York, NY
And in other news...
“After months of squabbling over how to pay for immigration-related legal services for undocumented immigrants convicted of crimes and facing deportation, Mayor Bill de Blasio’s office and the City Council came to a compromise on Monday.”