New York to re-zone East Midtown, but new towers may be some way off
The City Council’s zoning subcommittee has approved an ordinance that would re-zone 78 blocks between East 39th and East 57th streets, to allow for bigger and taller buildings
A five-year effort to spur development of new skyscrapers in midtown Manhattan is set to clear its final hurdle. But don’t expect a building boom anytime soon.
The New York City Council’s zoning subcommittee on Thursday approved an ordinance that would rezone 78 blocks between East 39th and East 57th streets to allow for bigger and taller buildings. Its land-use committee is scheduled to vote on it later in the day. The full council, which usually adheres to the committees’ decision and the local councilman’s wishes, is scheduled to take up the final vote on August 9.
The plan could pave the way for more than 6 million square feet (560,000 square meters) of new office towers and rejuvenate an area with an ageing stock of buildings, helping New York stay competitive with financial capitals such as London and Shanghai.
Yet the complexity of buying sites and constructing tall skyscrapers – along with competition from massive projects under way on Manhattan’s far west side and at the World Trade Center site – means it may take years for redevelopment to come to fruition.
“It’s going to take a while,” John Banks III, president of the Real Estate Board of New York, the trade organisation for the city’s powerful real estate industry, said before the vote.
