Daniel Garodnick

Midtown East, Policy

east midtown, rezoning, midtown manhttan

Conceptual image depicting all of the proposed sites of the East Midtown rezoning fully built out, via CityRealty

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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Stuy Town

Photo via Wiki Commons

It looks like Stuyvesant Town-Peter Cooper Village may be headed back to auction. Manhattan’s largest rental community is no stranger to the game of musical chairs that their owners have been inadvertently playing. The complex, comprised of 80 acres, 110 buildings, and 11,231 units between 14th and 23rd Streets, has had an interesting decade. It sold to Tishman Speyer Properties and BlackRock for a record $5.4 billion at the height of the real estate boom in 2006. Despite being accused of trying to push out lower income residents with high prices, they actually defaulted on their loan in 2010. Ownership of the property was transferred to the lenders, represented by CWCapital.

Drama in Stuy Town