Skyscraper District Faces Real Estate Board Opposition

"Preservationists have hailed the role of districts in preserving the city's stock of historically significant architecture, which often results in higher property values. But in many cases, districts curb new development and add to bureaucratic red tape, said officials with the Real Estate Board of New York, an industry association.

REBNY conducted an analysis of five commercial buildings within the proposed district and found that property owners will collectively have to pay an additional $4.7 million over about the next five years to comply with landmark regulations.

Costs would rise because property owners would need to pay expediters, who help speed applications for building permits and other regulatory paperwork through the review process, and architects for additional hours worked. Retail tenants also would need to comply with new rules if they need to change their storefronts."