A model of what the future 270 Park Ave building might look like via CityRealty

Mayor Bill de Blasio and JPMorgan Chase announced on Wednesday plans to build a new 70-story world headquarters at the site of the bank’s current offices at 270 Park Avenue, the first project under the East Midtown Rezoning plan. Approved by the City Council in August, the rezoning affects 78 blocks running from East 39th Street to East 57th Street and from Third Avenue to Madison Avenue. The updated zoning code is expected to clear the way for 6.5 million square feet of modern office space and allow for taller buildings. JPMorgan Chase’s new building will have enough room for about 15,000 employees, compared to the old building’s capacity of just 3,500 employees.

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

The City Planning Commission unanimously approved the long-awaited rezoning plan for Midtown East on Wednesday, which will rezone 78 blocks in hopes of modernizing the neighborhood. The plan, which was released last August, follows Mayor Bloomberg’s failed attempt to rezone the area in 2013. According to the Real Deal, the proposal would create 6.5 million square feet of new office space over the next twenty years. This would potentially encourage taller and more modern office towers, attracting more commercial and corporate tenants.

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Terry Tynes via flickr (CC)

As a small oasis in the center of Manhattan, Greenacre Park is home to honey locust trees, azaleas, pansies and a 25-foot-high waterfall, all taking up just 6,360 square feet of space. However, the city’s plan to rezone Midtown East to allow for more commercial buildings worries some advocates who say it may deplete Greenacre Park from any sunlight, as the Times reported. But the Municipal Art Society, New Yorkers for Parks, Manhattan Borough President Gale Brewer and Councilmember Daniel Garodnick, are backing a campaign called “Fight For Light” to protect the park’s right to sunlight.

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Plans to rezone Midtown East are few steps closer to reality with the start of the new year. The Department of City Planning has certified a rezoning proposal for the area surrounding Grand Central, and the city kicked off its official land-use review process Tuesday. The next step for the rezoning plans will be the seven-month Uniform Land Use Review Procedure (ULURP), which includes review by community boards 5 and 6, the Manhattan borough president, the City Planning Commission and the City Council. The zoning proposal could add 6.5 million square feet of commercial space to the 73-block district in the form of 16 larger, more modern buildings that would replace old ones, breathing new life into the office zone that New York Post real estate columnist Steve Cuozzo recently referred to as “iconic but declining.”

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At the end of August, the city released its long-awaited, very controversial Midtown East Rezoning plan. In addition to allowing 16 new towers to spring up in the area bound by Madison and Third Avenues and 39th and 50th Streets, the upzoning will “permit owners of landmarked buildings to sell their air rights across the district, rather than just to adjacent properties like the current law dictates,” as 6sqft previously explained. The following month, the city embarked on a study of these unused development rights, which would amount to an additional 3.6 million square feet over the next 20 years. And part of their conclusion is that they’re considering taking a 20 percent cut of these air rights sales, reports Politico.

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Last week, the city released their long-awaited Midtown East Rezoning plan, a controversial upzoning of the area bound by Madison and Third Avenues and 39th and 50th Streets that would encourage taller, more modern office towers to attract commercial tenants. One of the debated points is the proposal to permit owners of landmarked properties to sell their air rights across the district, whereas now they can only be transferred to sites directly adjacent or above the existing structure. The city has now embarked on an appraisal of these unused development rights, which amount to 3.6 million square feet and will likely be distributed to the 16 new towers that the rezoning would yield over the next 20 years.

As Crain’s explains, hundreds of millions of dollars are at stake, which is part of the reason Mayor Bloomberg’s 2013 attempt at the rezoning failed–opponents were concerned about “the difference between what could be built on a given parcel (such as a soaring office tower) and what actually sits on the site (a church or synagogue a few stories tall).”

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Conceptual image depicting all the proposed sites of the East Midtown rezoning fully built out. Courtesy CityRealty

After Mayor Bloomberg’s failed 2013 attempt, the city has released its long-awaited Midtown East Rezoning plan, a controversial upzoning of the area bound by Madison and Third Avenues and 39th and 50th Streets, which would encourage taller, more modern office towers in an area that many feel is no longer attracting commercial tenants.

According to Crain’s, their proposal, the first step in the formal rezoning process, would allow the tallest buildings around Grand Central, increasing the maximum density by 30 percent. Along Park Avenue and near subway stations north of the Terminal, density would be increased, too. The proposal also will permit owners of landmarked buildings to sell their air rights across the district, rather than just to adjacent properties like the current law dictates.

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The digital production studio Visualhouse has posted on their website our first motion video look at SL Green’s 63-story office tower known as One Vanderbilt. Hailed to forever change the face of Midtown East and reinvigorate the business district, the $1 billion-plus, 1.6-million-square-foot tower was unanimously approved by the City Council this past summer, thus granting SL Green the green light to begin construction of the supertower immediately.

Visualhouse’s newly released renderings provide us with a clearer picture of how the building’s full-block base will meet the street, and also remind us just how gargantuan the tower will be. According to the tower’s architects Kohn Pedersen Fox (KPF), the tower will rise 1,401 feet to its spire, making it the second tallest building in the city upon completion. However, unlike the pencil-thin supertalls underway around Central Park, the project will throw up a substantial amount of bulk into the air.

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St. Patrick’s Cathedral, via Wiki Commons

With declining memberships, it has become a common issue among New York City religious institutions that they’re land-rich but cash-poor. To solve the problem, religious leaders are turning to the sale of air rights, allowing developers to build on unused land or above the existing structure or altogether transferring the rights to an adjacent property. It’s the latter trend that’s become the center of debate with St. Patrick’s Cathedral, along with other landmarked institutions, as they’re looking to change the air rights rules to allow transfers to properties that are not directly adjacent. The Wall Street Journal takes a close look at this trend and a city plan that would allow East Midtown landmarks to sell their air rights to sites that are several blocks away.

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