^ You can see the connection there.
Quote:
Originally Posted by THE BIG APPLE
^ Air rights are rights bought from another property to increase the height of your future property.
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Somewhat. Every site has so called "air rights". You can purchase more to increase your own.
Quote:
Originally Posted by Submariner
Wait, could someone explain to me what this means?
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This area of Midtown was
downzoned after most of the buildings there were built, so if a developer wanted to demolish and build a new tower on site, it would have to be
smaller. The Midtown East rezoning plan is all about changing that to allow developers to build a little larger, or a lot larger than what is now allowed.
Put it like this, if you built a 5 story building, the old rezoning now would only allow you to build a 4 story building on that same site. However, you could replace it with a 5 story building if you keep the original first two floors.
But with the new rezoning, not only could you demolish the entire 5 floors, you could replace it with a 6 story building, 2 stories more than the currently allowed 4. But you have to wait 5 years from now to be able to do that.
Scott Stringer wants the City to change that, and allow you to build the full 6
before then.
Quote:
The $750 million Norman Foster-designed project, called 425 Park Avenue, was up until now going to use a loophole that would allow it to rebuild the structure to its current square footage, so long as they keep 25 percent of the build square footage intact (normally it wouldn’t be allowed, as it’s overbuilt according to the current zoning).
But Mr. Stringer wants smaller buildings (code for 425 Park) to be able to rise before the 2017 sunrise provision is set to kicks in, in exchange for paying into the DIB fund, which is something that L&L wouldn’t have to do if it used the rebuilding loophole. If Mr. Stringer’s Midtown East proposals are enacted, L&L also wouldn’t have to leave 25 percent of the building intact, giving it more flexibility when it comes to floor plates and ceiling heights on the lower floors.
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