Hello Hello. Hello Hello Hello. East Midtown Study

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1 Hello Hello Hello Hello Hello Hello East Midtown Study July 18, 2012

2 Introduction East Midtown Study Area ue Park Avenu GCT Page 2 - DCP East Midtown Study Orthophoto Base Map Copyrighted by the New York City Department of Information Technology and Telecommunications. All rights reserved.

3 Introduction East Midtown Office Core 80 million sf office space 250,000 jobs 14 Fortune 500 companies NYC financial core Unparalleled investment in infrastructure Page 3 - DCP East Midtown Study

4 Area Overview Best Business Address in the World 57th Park Avenue 42nd Madison Avenue Office Building Page 4 - DCP East Midtown Study

5 Area Overview Iconic Landmarks 57th Villard Houses 42nd St. Bartholomew s and SOCONY Mobil Waldorf Astoria Building Page 5 - DCP East Midtown Study

6 Area Overview Grand Central Terminal 57th Park Avenue 42nd Grand Central Terminal Landmark and Transportation Hub Page 6 - DCP East Midtown Study

7 Area Overview Transportation Infrastructure Image from Scientific American, December 7, 1912 New Grand Central Terminal Image from flickr user Arg768 Terminal City Page 7 - DCP East Midtown Study

8 Area Overview Different eras 1920s boom Image from Municipal Archives 1950s/60s boom Image from Municipal Archives 1980s boom Page 8 - DCP East Midtown Study

9 Introduction Post-1982 Planning - Challenges 1982 Midtown Plan 2005 Hudson Yards Page 9 - DCP East Midtown Study

10 Area Overview Current State and Recent Trends Current Dynamics Key strength is wide range of office space making for an integrated and dynamic market X Continued strength in financial and legal industries, with more recent technology and media growth Tenants continually moving based on lease length, economic conditions, or differing space needs Buildings under near-continuous renovation to maintain desirability Page 10 - DCP East Midtown Study

11 Long-Term Challenges Page 11 - DCP East Midtown Study

12 Long-term challenges Building stock aging 57th 80% of buildings are over 50 years old Average build year Older buildings have higher vacancy rates Many of the buildings do not comply with current zoning presenting an economic disincentive to replacement Over long term, older buildings are candidates for conversion to non-office uses 42nd Page 12 - DCP East Midtown Study

13 Long-term challenges Building stock aging 10 to ceiling Constructed 1956 Renovated floors - 8,800 sf avg Average rent - $ Numerous interior columns Recent Renovation Page 13 - DCP East Midtown Study

14 Long-term challenges Building stock aging 14 to ceiling Constructed floors 11,500 sf avg Average rent - $ Column-free space New Construction Page 14 - DCP East Midtown Study

15 Long-term challenges Building stock aging Recent office building conversions Library Hotel 299 Madison Andaz Hotel 485 Fifth Avenue Courtyard Marriott 866 Third Avenue 5 condo 5 east 44 th street Page 15 - DCP East Midtown Study

16 Long-term challenges Limited new development 57th 510 Madison 300 Madison 510 Madison Only two new office buildings constructed in last decade 42nd 300 Madison Page 16 - DCP East Midtown Study

17 Long-term challenges Pedestrian Network Madison Lexington 57th Madison sidewalks 13 feet 42nd Lexington sidewalks feet (narrower with subway grates) Page 17 - DCP East Midtown Study

18 Long-term challenges Pedestrian Network 57th Vanderbilt Vanderbilt Avenue 42nd Page 18 - DCP East Midtown Study

19 Long-term challenges Pedestrian Network 57th 42nd 42 nd Street / Grand Central station Page 19 - DCP East Midtown Study

20 Long-term challenges Limited success of current GC subdistrict zoning 57th 383 Madison Maximum 21.6 FAR through special permit in core, 16.0 FAR in Wings ~1.35 million sf remains unused in subdistrict after 20 years 42nd Page 20 - DCP East Midtown Study

Long-term challenges Competitor Cities -

cities Competitor cities are focusing on

new office cores Tokyo Image from flickr

21 Long-term challenges Competitor Cities - Takeaways London Image from flickr user Arg768 East Midtown buildings are significantly older than competitor cities Competitor cities are focusing on providing new space in both historic and new office cores Tokyo Image from flickr user Twiga Swala Page 21 - DCP East Midtown Study

Long-term challenges Summary Building stock aging 80% over 50 years old Office

Limited new development Only two major new office buildings in last decade Limited

onerous public review process Pedestrian Network Challenges Above- and below-grade

22 Long-term challenges Summary Building stock aging 80% over 50 years old Office buildings have outdated structural features like low ceilings and interior columns Limited new development Only two major new office buildings in last decade Limited success of current Grand Central zoning +1 milllion sf remaining on GCT Requires onerous public review process Pedestrian Network Challenges Above- and below-grade Competitor Cities Replacing outdated office space in existing office core districts Page 22 - DCP East Midtown Study

23 Long-term challenges Consequences Integrated and dynamic office market in East Midtown would begin to break down Needs of top Class A tenants would go unmet, look elsewhere for space More existing office buildings would become conversion opportunities (particularly older Class B, C buildings) Area would become less desirable as business district Pedestrian realm challenges would remain Huge public investment in infrastructure would fail to generate full potential of jobs and tax revenues for City Page 23 - DCP East Midtown Study

24 A Stronger, Better East Midtown Page 24 - DCP East Midtown Study

25 Vision A Stronger, Better East Midtown East Midtown continues to be a strong and dynamic commercial district Page 25 - DCP East Midtown Study

26 Most of East Midtown remains as is, with most buildings remaining i in their current uses Page 26 - DCP East Midtown Study

27 A handful of new iconic i office buildings add to the area s cachet and market dynamism, just as in previous eras Image from flickr user safesurfer

28 The area s pedestrian network is improved, befitting its status as a world-class business address Page 28 - DCP East Midtown Study

29 Page 29 - DCP East Midtown Study

30 Outline Goals Long-term Development Framework Site Requirements and Mechanisms Sub Area Guidelines Grand Central area Park Avenue Other areas Special Permit District-wide Elements DIB / Public improvements Non-complying buildings Third Avenue area Sunrise provision Page 30 - DCP East Midtown Study

Goals Protect and strengthen East Midtown as one of the world s

region Seed the area with new modern and sustainable office

Improve the area s pedestrian and built environments to make East

development in Hudson Yards and Lower Manhattan to facilitate the

31 Goals Protect and strengthen East Midtown as one of the world s premier business addresses and key yjob center for the City and region Seed the area with new modern and sustainable office buildings to maintain its preeminence as a Class A office district. Improve the area s pedestrian and built environments to make East Midtown a better place to work and visit Complement ongoing office development in Hudson Yards and Lower Manhattan to facilitate the long-term expansion of the City s overall stock of office space Page 31 - DCP East Midtown Study

32 Long-term Development Framework Fifth Park Third 57th Most development should be focused around Grand Central Terminal Some development should occur along Park Avenue More limited development should occur along northern Madison, Lexington avenues, and Third Avenue 49th 46th 42nd GCT Page 32 - DCP East Midtown Study

33 Long-term Development Framework Fifth Park Third 57th Most development should be focused around Grand Central Terminal OUT OUT Some development should occur along Park Avenue More limited development should occur along northern Madison, Lexington avenues, and Third Avenue 49th OUT Excluded from Proposal Fifth Avenue Northeastern corner Residential areas east of Third Ave 46th OUT OUT OUT GCT 42nd OU UT OUT Page 33 - DCP East Midtown Study

34 Long-term Development Framework Fifth Park Third 57th Most development should be focused around Grand Central Terminal Some development should occur along Park Avenue More limited development should occur along northern Madison, Lexington avenues, and Third Avenue Excluded from Proposal Fifth Avenue Northeastern corner Residential areas east of Third Ave 49th 46th 42nd GCT Page 34 - DCP East Midtown Study

Site Requirements and Mechanisms Fifth Park Third 57th

Plaza bonus Existing special permit mechanisms Subway

6+ FAR achievable through discretionary mechanisms 49th

35 Site Requirements and Mechanisms Fifth Park Third 57th Special Midtown District Existing as-of-right mechanisms Plaza bonus Existing special permit mechanisms Subway improvement bonus Landmark transfer FAR achievable through discretionary mechanisms 49th 46th For most sites, existing zoning framework will remain 42nd Page 35 - DCP East Midtown Study

36 Site Requirements and Mechanisms New zoning mechanisms are applicable to sites appropriate for significant new commercial buildings Qualifying Sites would require: Full avenue frontage Minimum site size of 25,000 sf Commercial FAR only 42nd Page 36 - DCP East Midtown Study

37 Site Requirements and Mechanisms District Improvement Bonus Higher maximum FAR permitted as-of-right through contribution to fund for area-wide pedestrian network improvements Landmark transfer Higher maximum FAR permitted as-of-right around Grand Central through floor area transfers from landmark buildings Page 37 - DCP East Midtown Study

38 Sub Area Guidelines Fifth Park Third 57th 1) Grand Central Area 2) Park Avenue 2 3) Other Areas th 1 46th 42nd GCT Page 38 - DCP East Midtown Study

39 Sub Area Guidelines - Grand Central Fifth Park Third 57th 49th Over long term, most new development should be focused around Grand Central Terminal Area has best transportation access, largest concentration of aging office stock 46th 42nd Page 39 - DCP East Midtown Study

expanded Future boundary (black) 49th 46th 42nd GCT

40 Sub Area Guidelines - Grand Central Fifth Park Third 57th Existing Grand Central subdistrict would be expanded Future boundary (black) 49th 46th 42nd GCT Page 40 - DCP East Midtown Study 39th Current boundary (blue)

41 Sub Area Guidelines - Grand Central Fifth Park Third 57th Existing Grand Central subdistrict would be expanded Grand Central Core area established 49th GC Subdistrict 46th GC Core 42nd GCT Page 41 - DCP East Midtown Study

Sub Area Guidelines - Grand Central Fifth Park Third 57th Existing Grand Central subdistrict would be expanded Grand Central Core area established Only sites with full avenue frontage and >25k

42 Sub Area Guidelines - Grand Central Fifth Park Third 57th Existing Grand Central subdistrict would be expanded Grand Central Core area established Only sites with full avenue frontage and >25k permitted higher as-of-right FAR through District Improvement Bonus and landmark transfers 49th 46th GC Subdistrict 21.6 FAR (for qualifying sites) GC Core 24.0 FAR (for qualifying sites) 42nd GCT Page 42 - DCP East Midtown Study

43 Sub Area Guidelines - Grand Central 21.6 FAR - Comparable Buildings 24.0 FAR Comparable Building 383 Madison ~ West Street (Goldman Sachs bldg) ~750 Image from flickr user NYMAN Bryant Park ~900 Page 43 DCP East Midtown Study

44 Sub Area Guidelines - Grand Central th 42 nd 48 th 46 th 44 th 42 nd 40 th Page 44 DCP East Midtown Study East elevation of Madison Avenue - Existing

45 Sub Area Guidelines - Grand Central th 42 nd Illustrative 48 th 46 th 44 th 42 nd 40 th massing at 21.6 FAR Page 45 DCP East Midtown Study East elevation of Madison Avenue

46 Sub Area Guidelines - Grand Central th 42 nd Illustrative 48 th 46 th 44 th 42 nd 40 th massing at 24.0 FAR Page 46 DCP East Midtown Study East elevation of Madison Avenue

47 Sub Area Guidelines - Grand Central Fifth Park Third 57th Ratio of DIB and landmark floor area guarantees pedestrian network improvements as development occurs 49th GC Subdistrict 21.6 FAR 46th GC Core 24.0 FAR 42nd GCT Base DIB DIB or landmark Page 47 - DCP East Midtown Study

48 Sub Area Guidelines Park Avenue Fifth Park Third 57th 49th Over long term, some development should occur along Park Avenue Area s iconic address and overall width makes it appropriate location 46th 42nd Page 48 - DCP East Midtown Study

49 Sub Area Guidelines Park Avenue Fifth Park Third 57th - Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus 21.6 (for qualifying sites) 49th 46th 42nd GCT Page 49 - DCP East Midtown Study

50 Sub Area Guidelines Park Avenue th 50 th 52 nd 54 h 56 h Page 50 DCP East Midtown Study West elevation of Park Avenue - Existing

51 Sub Area Guidelines Park Avenue th 50 th 52 nd 54 h 56 h Illustrative massing at 21.6 FAR West elevation of Park Avenue Page 51 DCP East Midtown Study

52 Sub Area Guidelines Park Avenue Fifth Park Third 57th - Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus 21.6 (for qualifying sites) 49th 46th 42nd GCT Base DIB Page 52 - DCP East Midtown Study

53 Sub Area Guidelines Other Areas Fifth Park Third 57th 49th Over long term, more limited development should occur along northern Madison, Lexington avenues, and Third Avenue 46th Areas contain most of East Midtown s more-recent office construction ti 42nd Page 53 - DCP East Midtown Study

0 18.0 49th (for qualifying sites) 46th 18.0 14.

54 Sub Area Guidelines Other Areas Fifth Park Third 57th - Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus (20%) th (for qualifying sites) 46th * 42nd GCT Page 54 - DCP East Midtown Study

55 Other Areas Fifth Park Third 57th - Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus (20%) th (for qualifying sites) 46th * 42nd GCT DIB Page 55 - DCP East Midtown Study

56 As-of-right Development Framework Fifth Park Third 57th Intended to encourage limited and targeted as-of-right commercial development Calibrated to encourage development elopment in appropriate locations Improve landmark transfers within Grand Central and generate funding for areawide pedestrian network improvements 49th (for qualifying sites) 46th 42nd Page 56 - DCP East Midtown Study

57 Global Distinction Page 57 - DCP East Midtown Study

58 Special Permit Image from flickr user Dave Catchpole Image from flickr user budapest1956 London Shard Torre Agbar Barcelona Page 58 - DCP East Midtown Study

59 Special Permit Chrysler Building Lever House Seagram Building Page 59 - DCP East Midtown Study

Special Permit Fifth Park Third 57th To allow extraordinary buildings at key sites, new special permit (full

superior relationship to other buildings in the skyline, result in a superior site plan and massing, and

60 Special Permit Fifth Park Third 57th To allow extraordinary buildings at key sites, new special permit (full ULURP) to permit greater FAR Proposals must exhibit significant contribution to the skyline, result in superior relationship to other buildings in the skyline, result in a superior site plan and massing, and make a significant contribution to the pedestrian network Minimum site size 40k around Grand Central, 25k along Park Avenue 49th Up to 24.0 (for qualifying sites, via special permit) Required District Improvement Bonus contribution or Landmark transfer (around Grand Central) 46th Up to 30.0 GCT 42nd Page 60 - DCP East Midtown Study

61 Special Permit Illustrative massing from East River 30 FAR Page 61 DCP East Midtown Study

62 Special Permit Illustrative massing along 42 nd Street 30 FAR Page 62 DCP East Midtown Study

63 Special Permit Illustrative massing along Park Avenue 24 FAR Page 63 DCP East Midtown Study

64 District-wide Elements Page 64 - DCP East Midtown Study

DIB/Public Improvements Allows for City-priority

improvements to pedestrian network, both above- and

specific improvements Working with stakeholders to

65 DIB/Public Improvements Allows for City-priority improvements as new development occurs Focused on improvements to pedestrian network, both above- and below-grade Funding generated would be used for specific improvements Working with stakeholders to develop draft priority improvements Page 65 - DCP East Midtown Study

66 DIB/Public Improvements 57th 53rd Possible Improvements New connections between Grand Central Terminal and subway station Reconfigured Mezzanine level Additional connections to Lexington (4,5,6) and Flushing (7) line platforms from Mezzanine level Page 66 - DCP East Midtown Study 42nd GCT

67 DIB/Public Improvements 57th 53rd 42nd GCT Page 67 - DCP East Midtown Study

68 DIB/Public Improvements Page 68 - DCP East Midtown Study

69 DIB/Public Improvements Images from HYDC and MVVA West Chelsea High Line Hudson Yards Hudson Park and Boulevard Page 69 - DCP East Midtown Study

70 DIB/Public Improvements Fifth Park Third 57th 49th 46th 42nd Vanderbilt Avenue Page 70 - DCP East Midtown Study

71 DIB/Public Improvements Madison Vanderbilt offers opportunity to create a significant gateway in East Midtown, adjacent to Grand Central Terminal Given iconic location, should be an elegant and distinguished space Intent would be to create a partiallypedestrianized public space while still allowing crosstown access and access to surrounding buildings and Grand Central Terminal 47th 46th 45th 44th 43rd GCT 42nd Page 71 - DCP East Midtown Study

72 DIB/Public Improvements Madison Vanderbilt offers opportunity to create a significant gateway in East Midtown, adjacent to Grand Central Terminal Given iconic location, should be an elegant and distinguished space Intent would be to create a partiallypedestrianized public space while still allowing crosstown access and access to surrounding buildings and Grand Central Terminal 47th 46th 45th 44th 43rd GCT 42nd Page 72 - DCP East Midtown Study

Non-complying Buildings Outdated buildings

part of sites with full avenue frontage and

through discounted DIB price Other buildings

discounted DIB, as long as site has avenue

73 Non-complying Buildings Outdated buildings with non-complying floor area present challenge as existing zoning offers disincentive to replacement Buildings that are part of sites with full avenue frontage and >25k size could maintain existing floor area through discounted DIB price Other buildings would be able to maintain floor area through discounted DIB, as long as site has avenue frontage and 20k site Page 73 - DCP East Midtown Study 575 Madison Avenue FAR

74 Third Avenue area Third Second Predominantly commercial character of midblocks along 42 nd and 45 th streets between Second and Third avenues 46th Special Midtown District generally follows the boundary of Midtown s commercial areas Proposal would incorporate portions of these midblocks into Midtown district 44th C nd C5-3 Page 74 - DCP East Midtown Study

75 Third Avenue area Third Second (12.0) (10.0) 46th (12.0) (10.0) (10.0) (10.0) (10.0) (15.0) 44th (15.0) C1 1-9 (10.0) (12.0) (15.0) C5-3 42nd (10.0) (10.0) Third Secon nd Existing Zoning Proposed Zoning Page 75 - DCP East Midtown Study

76 Policy Direction Midtown Hudson Yards is the City s commercial development priority in Midtown Subway extension completed in 2014 and first office buildings are planned to start construction soon Orthophoto Base Map Copyrighted by the New York City Department of Information Technology and Telecommunications. All rights reserved. Page 76 - DCP East Midtown Study

77 Sunrise Provision Sunrise provision in East Midtown Current thinking is that building permits pursuant to new zoning can be issued five years from today Allows sequencing of development consistent t with planning objectives in Midtown Creates certainty for developers in East Midtown Page 77 - DCP East Midtown Study

Summary Goals Long-term Development Framework Site

Guidelines Grand Central area Park Avenue Other

DIB/Public improvements Non-complying buildings

78 Summary Goals Long-term Development Framework Site Requirements and Mechanisms Area-specific Guidelines Grand Central area Park Avenue Other areas Special Permit District-wide Elements DIB/Public improvements Non-complying buildings Third Avenue area Sunrise provision Page 78 - DCP East Midtown Study

79 Schedule Initial Findings/Policy Direction presentation June 2012 Preliminary Proposal presentation Today EIS scoping - Early Fall ULURP Certification 1 st quarter 2013 Page 79 - DCP East Midtown Study

80 Hello Hello Hello Hello Hello Hello East Midtown Study

STAFF REPORT ACTION REQUIRED

STAFF REPORT ACTION REQUIRED Proposed Area-Specific Amendment to Chapter 694, Signs, General, with Respect to Ricoh Coliseum and BMO Field and a Portion of Exhibition Place Date: July 23, 2014 To: From: