August 10, 2017
After five years, the City Council approved a rezoning for Manhattan’s Midtown East on Wednesday, by a 42-0 vote. The proposal will rezone roughly 78 blocks, running from East 39th Street to East 57th Street and from Third Avenue to Madison Avenue, clearing the way for 6.5 million square feet of office space in the area. A new updated zoning code is expected to incentivize new, dense development, allowing Midtown to compete with other booming business districts in the borough like Hudson Yards and the Financial District. As the New York Times reported, this change which lets developers build to a higher floor area ratio could result in new supertall towers.
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