CityRealty Insider > New Developments In The News

New Developments In The News

AUGUST 11, 2008

The future of new development: Filling in the blanks

A new tower planned for 516 Fifth Avenue between 43rd and 44th Streets will make use of a crazy-quilt of air rights purchased by the building's developers for a planned retail space/hotel/condominium project. The 600-plus foot glass-clad tower will be designed by noted architecture firm Pelli Clarke Pelli.

A new 15-story building will fill in a currently vacant lot at 19 West 20th Street and add three "spill-over" residential floors atop the adjacent six-story garage. Access to the garage addition will be through the new building. The Landmarks Preservation Commission and area civic organizations approved the designs but offered suggestions to make the new structures easier on the eyes.

Manhattan Borough President Scott Stringer released a report indicating that the New York City Housing Authority has about 30.5 million square feet of unused development rights at its existing housing projects in the city. The report noted that this amount of space conceivably could accommodate 35,000 housing units, and could be used, at least partly, to raise revenue to meet the city's $195.3 million budget gap. Mr. Stringer's report cautioned that "we should not begin disposing of a potentially multibillion-dollar asset in a piecemeal manner to meet short-term needs without first developing a thoughtful, long-term strategy," which includes input from current residents and adjacent communities.

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