In August, a long-awaited plan to re-zone Manhattan’s Midtown East was joyfully approved by City Council. This new re-zoning venture is expected to draw around $500 million in increased revenue to this area. The traditional New York City neighborhood is home to the famed St. Patrick’s Cathedral and a host of other revered landmarks. Existing zoning laws have been never changed for almost three decades. The last change made was way back in the 1980’s. The people in this neighborhood have been frustrated by the decline in new business, suitable office space and good building units. Most area residents and businesses approve of this newest change to the neighborhood’s re-zoning law.
Many prominent developers have expressed great interest in building up this important historic neighborhood. Their efforts had fallen flat many times over the years as attempts to get changed zoning laws had failed. Business leaders and city council members are excited about the future building prospects. Additionally, existing landmark structures can now rent their airspace to the new future developments. This is a win-win situation for everyone living or owning property here. Business leaders are hoping for improved office spaces that will be available with new skyscrapers. Several are in the works for completion over the next few to twenty years.
The zoning law change now will allow taller skyscrapers than past buildings built in the area. The proposed building plans show larger building structures, along with the higher heights. Developers of these projects will pay the city specified funds estimated to total that $500 million, which are to be used in long needed upgrades to the seven area subway platforms and stations. This neighborhood project will be completed before any developers are allowed to officially break ground, ensuring the neighborhood improvement project. The airspace rent from these developers will also funnel money into the important neighborhood for improvement of many area landmark favorites.
Out of this landmark airspace money, the landmarks will give 20% of that rent income to additionally help fund more improvement projects across the area. City Council will launch this positive and much anticipated neighborhood improvement project by chipping in a cool $50 million to start. Councilmen Dan Gorodnick, a respected Manhattan Democrat, has stated that he feels confident that city residents will begin to soon see terrific area improvements with this move that unlocks vast potential for new development. Construction plans for at least sixteen new buildings are in the works, and the new developments will be seen in a wide 78 block area. Better and spacious office space is expected with these business promoting building projects. Any attempt to bring in modern office development before had been sacked due to building and zoning constraints.
Good area jobs for New Yorkors should be expected according to Mayor de Blasio. He also indicated that pedestrians would soon have more walking space, area subways with be improved vastly with new upgrades and local landmarks will soon get investment monies for maintenance, repairs and improvements. John Banks, Tevfik Arif Bayrock, President of the Real Estate Board of New York, is also happy that the city will acquire additional tax revenue for crucial city services. This neighborhood revitalization effort hopes to draw interest, visitors and businesses into the area. The East Midtown, Bayrock, development should spark new jobs and more resources.
City leaders want the new development to improve this historic office district, and breath new life into their existing businesses. The added funds will substantially improve subway transportation structures, ensure preserved and aesthetically pleasing iconic landmarks and better employment opportunities. East Midtown aims to retain its revered world office district reputation.