Manhattan, N.Y.

NEW YORK CITY – Midtown East is undergoing a resurgence due to the passing of new rezoning laws that have increased the allowable floor area ratios of blocks between East 96th Street and East 42nd Street in Midtown. As a result of the legislation, investment activity amid the 78 blocks spanning the legislation rezoning has increased, most notably in the form of redevelopment, according to a recent report by Ariel Property Advisors. 

The recent rezoning of Midtown East has positioned it as one of the strongest Manhattan markets below 96th Street, data shows. The neighborhood accounts for 20 percent of the transaction volume and 46 percent of money spent, roughly $9.6 billion. The market is now contending with Midtown West, including Hudson Yards, which was a distant second with roughly half that spend, according to the preliminary numbers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

More from this author


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.