NEW YORK CITY – Midtown East isundergoing a resurgence due to the passing of new rezoning lawsthat have increased the allowable floor area ratios of blocksbetween East 96th Street and East 42nd Street in Midtown. As aresult of the legislation, investment activity amid the 78 blocksspanning the legislation rezoning has increased, most notably inthe form of redevelopment, according to a recent report by ArielProperty Advisors. 

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