The East Midtown zoning changes would allow developers and property owners to build taller new buildings in Midtown East near and around Grand Central Terminal in exchange for public improvements, including funding for infrastructure.

“New York State has stepped up and we have committed $5 billion to Gateway and I am proud of it and I think it is a fair investment for the state to make,” Gov. Cuomo said. “But we need President Trump to fulfill the federal commitment to make Gateway a reality.”

New York City-based Madison Realty Capital and Artemis, which is headquartered in Chevy Chase, MD, purchased the two properties totaling 613,000 square feet at 184-10 and 184-60 Jamaica Ave. in Jamaica from a long-term family ownership.

Multifamily properties were the hottest transactional asset type during the first half of 2017 snagging a 41% market share of New York City's volume, with 104 transactions involving 122 properties for an aggregate dollar volume of $1.27 billion.

The firm, which is the master developer for the City of New Rochelle's downtown redevelopment program with partner Renaissance Downtowns, is proposing to build a twin, 28-story mixed-use project at the Church-Division parking lot site in Downtown New Rochelle.

The plan would involve $456 million in operating costs and $380 million in capital investment. The MTA is looking to have the state and city each pay half of the subway plan costs.

The new deal involves an expansion for 10 years for 17,000-square-feet on the eighth floor at 469 Seventh Ave.

In addition to the need to replace the power generated by the Indian Point nuclear power plants, the city also faces an aging energy infrastructure with more than 50%, or approximately 5,500 MW, of in-city generation produced by plants that are more than 40 years old.