The City revealed last night that it wants to charge developers $250 per square foot for additional air rights under the plan to upzone midtown east for new, higher office buildings. There would be no bonus space for residential construction, which planners believe will total almost one million square feet as of right in the district.
If there was ever any question that landmarking was often just a ploy to stop development, the elected officials opposing the sale of Long Island College Hospital in Brooklyn have put that to rest. They appealed to the landmarks commission to extend the low rise Cobble Hill historic district to cover the taller hospital buildings.
Downtown is back from Hurricane Sandy, according to the Downtown Alliance. They announced yesterday that 99 percent of offices and apartments have been reoccupied, but only 90 percent of retail has returned.
The outer borough shoreline isn’t doing so well, so New York City pension funds are investing $500 million with the Related Companies and the Hudson Companies to acquire and renovate properties. Every cloud does have a silver lining.
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