This afternoon, the New York City Council voted unanimously to approve the East Midtown Rezoning, which will promote Economic Growth while protecting the Landmarks, creating New and Better Public spaces, and delivering Hundreds of Millions of Dollars for Mass Transit.
Here’s why the East Midtown Rezoning is so vital for our Community and our City:
- Generates 6.5 Million Square Feet in much-needed, modern Commercial Office Space in the heart of Manhattan over the next 20 years.
- Directly improves area Subways in Connection to development, with approximately Half a Billion Dollars in Private Funding for specific Upgrades as Developers build New Office Buildings. A Vanderbilt Ave. Landlord will not be able to occupy a New Building until the Associated Transit Improvements are Complete.
- Delivers Hundreds of Millions of Dollars for Street-level Public Space Improvements, including a $50 Million Upfront Investment from the City.
- Converts 43rd Street just East of Grand Central Terminal into a Landscaped “Shared Street”, an innovative model of Open Space, and only the first of the expected Public Space Projects.
- Allows Area Historic Landmarks to sell 3.6 Million Square Feet of unused Air Rights, with the proceeds going to the Preservation of their Historic structures.
- Creates 28,000 new Permanent Jobs.
- Creates over 23,000 Construction Jobs in the next Two Decades.
Community-generated Planning, focused on Transit, and with Guaranteed Benefits for the Public.
This is a good outcome for my Neighborhood, the rest of East Midtown, and the Entire City.
My term-limited City Council Member Daniel R. Garodnick [D-4th District], after spending four years carefully negotiating this Plan, feels very Proud of the Result, as we are of his efforts.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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