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    Last Updated: December 21, 2012 02:27pm ET

    Rezoning May Spark Development Near Grand Central

    By Jacqueline Hlavenka | Other
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    NEW YORK CITY—As hungry office developers move to the Far West Side and Downtown, they may soon come back to build in Manhattan's core business district: the Grand Central submarket. The New York City Department of Planning has unveiled plans to rezone parts of Madison and Lexington avenues to allow taller skyscrapers in Midtown East near Grand Central Terminal. Although questions remain about whether the city's aging infrastructure and transportation network can support it, experts tell Real Estate Forum the rezoning is necessary.

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