Michael Gruen, President of the City Club of New York
Juan Rivero, City Club Governing Committee
A disarmingly simple plan for rezoning Manhattan’s office district running from Grand Central Terminal north to about 58th Street has been approved by the Planning Commission and will come to a Council vote around the time of the November election.
It has three key components: 1) The City almost doubles the allowable floor area for new buildings on large sites along the major thoroughfares; 2) it sells to the landowner the right to build the increased space at the estimated market value of development rights (a base price of $250 per square foot); and 3) it applies the proceeds to unspecified transportation and pedestrian circulation improvement projects likely, when selected, to be located at Grand Central. (read more…)
