SL Green Realty’s plans to build a 63-storey office tower across the street from Grand Central Terminal is moving towards final approval, along with the rezoning of the Venderbilt Corridor, due to what has been referred to as an “unprecedented deal” agreed with New York City officials.
According to the terms of the deal the S&P 500 company, which is New York City’s largest office landlord, will be responsible for implementing $220 million worth of transit and infrastructure improvements.
These include improving access between the Long Island Rail Road and the Lexington Avenue subway lines, along with the construction of two transit halls and public washrooms.
The deal has been described as an “important milestone” in public-private partnerships that could pave the way for further development in Manhattan’s East Midtown market.
Councilman David Garodnick stated in a recent news release that the area around East Midtown has “gotten stuck in outdated rules” and “has lost its competitiveness over time.”
But he believes this situation is about to change, starting with the Vanderbilt Corridor project, which will open this portion of the city up to increased density in return for the necessary improvements to the transit system.
Mr. Garodnick has been lobbying for further public improvements to the Vanderbilt Corridor plan along with SL Green’s proposal.
The Zoning Subcommittee voted to support the developer’s plan to construct One Vanderbilt – a 1.6 million sq ft skyscraper – together with with the proposed Vanderbilt Corridor rezoning.
Once passed, the rezoning will allow developers to seek special permits to build bigger and taller buildings along Vanderbilt Avenue between E. 42nd and E. 47th Streets, provideing they make similar improvements in the area.
Both plans are expected to be approved from a Land-Use Committee shortly. Final approvals from the City Planning Commission and City Council are expected later this month. SL Green anticipates that the tower will be completed in 2020.
