Posted Jul 31, 2017, 8:16 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 57,090
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https://www.bloomberg.com/news/articles/...town-new-skyscrapers-may-be-long-way-off
By David M Levitt
July 27, 2017
Quote:
...The new rules would generally allow owners to build as much as 18 to 27 times the area of their site, requiring them to buy air rights to achieve the maximums under the law. They can acquire air rights primarily from two sources: the unused development rights of the many landmarked buildings in the area, or by contributing to a fund to pay for mass-transit improvements at Grand Central Terminal and other subway stations affected by the anticipated higher densities.
...One of the first towers expected to follow SL Green’s is at the former Metropolitan Transportation Authority headquarters at 343 Madison Ave., two blocks north of 1 Vanderbilt. Boston Properties Inc. last year was designated the developer of that site, where it plans a 900,000-square-foot building. In an April 2016 conference call, Chief Executive Officer Owen Thomas described the project as “likely several years out.” The MTA site was part of the earlier rezoning.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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