Zoning Alerts: New York

 

NEW YORK CITY

East Midtown Rezoning

By Matthew Player

April 1, 2013

The New York City Department of City Planning is proposing a rezoning strategy for 78 blocks of the East Midtown office area centered around Grand Central Terminal.

Despite its relative prominence in the city today, the area faces challenges that could undermine its competitiveness and its value over time. The average age of office buildings in East Midtown is more than 70 years old. Little new replacement office space has been developed in the area recently, with only two new office buildings constructed in the past decade.

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