Quote:
Originally Posted by Kittywhompus
I just want to say this skyscraper is truly iconic and says "This is NYC"! It pays great homage to the Chrysler Building and the surrounding area buildings. I really hope this is approved at this height.
|
It's not the height that's up for approval. Like most of midtown, there are no height limits here. And like the rest of the towers in midtown east, the framework for the zoning is already approved and in place. But, like 270 Park, this site doesn't have the language written into approval, making it unique to the rezoning. That's because they are merging the lot with Grand Central Terminal for the zoning purposes. (Further complicated by the fact that it's a state owned site that doesn't conform to city zoning).
But even though the development team already owns some of the air rights being generated for the tower (the GCT air rights), they will still have to pay to use them, in addition to paying for transit upgrades to generate more air rights. The city gets a win-win here because of that.
That said, even without it, they could build an as of right tower taller that what is proposed even now. It just wouldn't be a tower suitable for leasing purposes.