Contributions from transfers of development rights by theaters in the district would be increased four fold—from $17.60 per square foot to 20 percent of the sales price. On September 7, 2016, the City Planning Commission held a public hearing on a proposed amendment to the City’s Zoning Resolution that would solidify the contribution rate to the Theater Subdistrict Fund related to the transfer of development rights from 46 listed theaters in Manhattan’s Theater Subdistrict. Currently, … <Read More>
Search Results for: Midtown Manhattan
Grand Central Upgrades and One Vanderbilt Construction Begins
City Officials and developer broke ground on the new One Vanderbilt office building and $220 million transit upgrade of Grand Central. On October 18, 2016, Mayor Bill de Blasio, Manhattan Borough President Gale Brewer, Congresswoman Carolyn Maloney and Council Member Dan Garodnick joined the developer SL Green for the on-site groundbreaking ceremony. The new office tower will reach 1,401 feet and cover the city block west of Grand Central. The tower is expected to achieve … <Read More>
Lawsuit Seeks Damages Over One Vanderbilt Agreement
Owner of Grand Central Terminal claims violation of property rights, seeks $1 billion in damages. On September 28, 2015, Andrew Penson—the owner of Grand Central Terminal in the Midtown East neighborhood of Manhattan—initiated a lawsuit against New York City for allegedly unlawfully taking Grand Central’s air rights from him for the benefit of SL Green Realty Corporation without just compensation, which is a violation of the Fifth Amendment of the United States Constitution. The complaint … <Read More>
Council Subcommittee Hears Testimony on One Vanderbilt
Representatives of the project and the Department of City Planning spoke during a four-hour hearing. On April 13, 2015 the City Council Subcommittee on Zoning and Franchises held a public hearing on One Vanderbilt, a proposed 1,450-foot commercial tower in East Midtown, as well as an accompanying proposal to rezone five blocks of Vanderbilt Avenue to create the Vanderbilt Corridor. The building will be located adjacent to Grand Central Terminal, bounded by East 42nd Street … <Read More>
City Planning Approves One Vanderbilt Project With Modifications
The application seeks to rezone five blocks along Vanderbilt Avenue to permit construction of a new commercial tower. On March 30, 2015 the City Planning Commission approved SL Green’s proposal to build One Vanderbilt, a 1,450-foot commercial tower, and establish the five-block Vanderbilt Corridor. The building will be located on the block adjacent to Grand Central Terminal, bounded by East 42nd Street to the south, East 43rd Street to the north, Madison Avenue to … <Read More>
City Planning Holds Hearing on One Vanderbilt Proposal
Representatives from the project developers, Grand Central Terminal, and private citizens argued the proposal. On February 4, 2015 the City Planning Commission held a public hearing on the proposed One Vanderbilt skyscraper project. The proposed building would be 1,450 feet high and take up a block bounded by Madison Avenue to the west, Vanderbilt Avenue to the east, 42nd Street to the south, and 43rd Street to the north. The project would also include transit … <Read More>