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REBNY's Spinola Spells Out Midtown Rezoning Plan

NEW YORK CITY-While the city is interested in rezoning, the industry is taking issue with some aspects of the proposal.

By Rayna Katz | Updated on April 10, 2013

NEW YORK CITY-As the industry continues to wait with bated breath for word on whether Midtown East will get rezoned—and how that process will be executed—REBNY president Steven Spinola outlined the latest plan put forth by the city, as well as REBNY’s response to those plans, at a luncheon meeting of the Young Men’s/Women’s Real Estate Association of New York.

Under the city’s plan, issued by the Dept. of City Planning, Midtown East will be rezoned to allow for greater as-of-right density and the city has created an “earned as of right framework,” whereby developers who contribute into a district improvement fund or buy for pedestrian and transportation improvements [or buy landmark air rights] can increase their building’s FAR. Contributions, under the city’s plan, will be at a rate of $250 per-square-foot, and the district’s FAR ranges from 18 all the way up to 21.6 around Grand Central.

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