NEW YORK CITY-Last minute changes to the “sunrise” provisions of Mayor Michael Bloomberg's Midtown East rezoning plan, if approved by the New York City Council today, would benefit two major New York City developers.
The mayor's controversial plan to allow developers around Grand Central Station to build larger buildings than under current regulations now includes wording that would allow some building owners to begin their projects sooner than the four years the sunrise provision had called for.
The Wall Street Journal reports that SL Green Realty Corp. would be able to start on its new office tower planned between 42nd and 43rd streets a year earlier than previously permitted. The wording change would also assist David Levinson of L&L Holding Co., who is planning to build an office tower at 425 Park Ave. Levinson plans to break ground in the spring of 2015 whether the rezoning proposal passes or not, the newspaper reports. See story in the Wall Street Journal.
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