Upzoning Midtown

Catering to potential office tenants who would want more modern spaces, New York City officials are toying with rezoning a swath of midtown Manhattan, allowing for even more density and the replacement of aging office buildings.

"City officials and real estate executives have worried for years that other major urban centers-including London and Singapore-could vault ahead in their office offerings.

The concept was born out of a pitch made to the city in mid-2011 by the Real Estate Board of New York, which argued for a more limited rezoning plan that wouldn't have added additional office space.

City officials came back showing interest in a more elaborate version that could build up the area, people familiar with the matter said.

Since then, the real-estate board, which represents developers and other real estate executives, has pushed the plan behind the scenes, pointing out that the area north of Grand Central is particularly concentrated with older buildings."

Full Story: Big Midtown Rezoning Eyed


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