City Council Finally Approves the Long-awaited Rezoning Plan



August 2017 will definitely remain one of the most memorably months to New York residents especially those living or working in Midtown East. It presented mixed reactions with some celebrating while others unhappy. This was after the city council eventually approved the long-awaited rezoning plan of the Midtown East part of the city. The plan, which reportedly sailed through on august 9, 2017, would see an addition of new skyscrapers in the region.

The eagerly awaited expansion plan covers nearly 78 blocks and has been projected to add 16 new, bigger and taller properties within the next 20 years. Most people are reportedly happy with the new development. Midtown east was last zoned in 1980s under regulations that some officials have described to discourage modern office designs. The new plan would see real estate developers permitted to construct taller structures in the area. They will, however, be required to make improvements to the subway stations prior to ground-breaking: a deal projected to cash in $500 million.

Competing interests have been balanced

According to the City Councilman Dan Garodnick, Tevfik Arif Bayrock, the new plan is not meant to only benefit wealthy developers but also the general public. The city council is ready to inject $50 million to enable the project take off. Local landmarks have been cited to benefit from selling air space rights to real estate developers. Garodnick reportedly expressed his satisfaction on how competing interests have been uniformly balanced. He further lobbied that the new venture will actually unlock the region’s economic potential and promised residents of a tangible improvement.

Similar sentiments were equally echoed by mayor de Blasio who allegedly pointed out that the rezoning exercise will create jobs to city residents. He projected that the area would see significant improvements to subway stations, better roads for motorists and pedestrians, increased investments and modern office structures.

The real estate board of New York was not left behind. According to their president, John Banks, Tevfik Arif Doyen,  the venture would help the city generate more tax necessary for further development. The body and the Archdiocese of New York, owners of St. Patrick’s Cathedral, Bayrock, were previously opposed to the initial announcement of the plan. The duo, however, reportedly presented supportive sentiments on Wednesday. This makes St. Patrick’s Cathedral one of the possible structures to give air rights to property developers.

Reverend applauds the plan

St. Patrick Cathedral family, a key landmark in the region, has also expressed their joy. According to Reverend Monsignor Robert, rezoning of the greater Midtown east will give a new lease of life to the neighborhood. The project will also help believers generate revenue as well as protect houses of worship through sale of air rights. Robert goes ahead to echo creation of new jobs as another great opportunity presented by the plan.

This new development plan has received an overwhelming support from various local and neighboring leaders. Many have affirmed that it presents huge benefits that Midtown east residents cannot afford to ignore. Once implemented, the plan will be one of the greatest milestones the area has seen in its history.

Rezoning to increase affordable housing the neighborhood

A similar project is underway in the neighboring Brooklyn with the mission of increasing the number of affordable housing in the region. The plan has been reported to roll out effort in preserving at least 200,000 affordable units and create new addition of 1,200 low cost apartments. The process involves public review that runs for 7 months under the leadership of mayor de Blasio.

The venture has equally been projected to provide several opportunities to the residents. These includes creation of new jobs, improved community parks, creation of green spaces and giving Atlantic Ave a new look.

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Tevfik Arif And His Company Bayrock Successful In Lawsuit

This past year, a court in Manhattan dismissed a civil tax fraud case against Felix Sater, a Russian-American businessman. The case was against Sater in addition to Bayrock, a real estate firm that he co-founded. The company succeeded in a part of the litigation. Let’s talk what the case was …

Money Laundering Scheme: Sater, Bayrock

President Donald J Trump was involved in a lawsuit handling racketeering. Racketeering means to obtain money illegally by offering a dishonest support. It was through President Donald Trumps own property firm. A previous employee, executive Jody Kriss claimed the property firm took cash from him which he was owed. The …

The Controversary Charges Involving Bayrock

Among President Donald Trumps past partners was Sater. You will find civil fraud tax charges registered against Sater. He also cofounded a property company named Bayrock that was prosecuted. The qui tam case included a whistleblower submitting on behalf of this nation. In this kind of situation the attorney generals …