Hello HllHello Hello East Midtown Study · Proposal Update DIB Contribution Rate 57th Fifth Park...
Transcript of Hello HllHello Hello East Midtown Study · Proposal Update DIB Contribution Rate 57th Fifth Park...
HelloHelloH llHelloHelloHelloHello
East Midtown StudyUpdate presentation II
February 28, 2013
IntroductionEast Midtown Area
uePa
rk A
venu- 70 million sf office space
- 250,000 jobs
- 14 Fortune 500 companies
- NYC financial core
- Unparalleled investment in infrastructure
GCT
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Orthophoto Base Map Copyrighted by the New York City Department of Information
Technology and Telecommunications.All rights reserved.
IntroductionLong-Term Challenges
Building stock aging • 80% over 50 years old• Office buildings have outdated structural g
features like low ceilings and interior columns
Limited new development• Only two major new office buildings in last• 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-gradeAbove and below grade
Competitor Cities• Replacing outdated office space in existing
office core districts
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IntroductionGoals
• Protect and strengthen East Midtown as one of the world’s premier business addresses and key job center for the City y j yand region
• Seed the area with new modern and sustainable office buildings to maintain its preeminence as a Class A office districtpreeminence 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 spaceCity s overall stock of office space
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57th
Park
Fifth
ThirdIntroduction
As-of-right Development Framework for Qualifying Sites
• Intended to encourage limited and targeted as-of-right commercial development
Calibrated to enco rage de elopment in• Calibrated to encourage development in appropriate locations
• Improve landmark transfers within Grand Central and generate funding for area-
(for qualifying
sites)49th
g gwide pedestrian network improvements sites)
46th
42nd
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IntroductionQualifying Site Mechanisms
District Improvement Bonus Landmark transferpHigher maximum FAR permitted as-of-right through contribution to fund for area-wide
pedestrian network improvements
Higher maximum FAR permitted as-of-right around Grand Central through floor area
transfers from landmark buildings
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IntroductionSuperior Development Special Permit
T ll t di b ildi t
57th
Park
Fifth
Third
• To allow extraordinary buildings at key sites, new special permit (full ULURP) to permit greater FAR
• Proposals must exhibit significant p gcontribution to the skyline, result in superior relationship to other buildings, result in a superior site plan and massing, and make a significant contribution to the
(for qualifying
Up to
24.0significant contribution to the pedestrian network
• Minimum site size – 40k around Grand Central, 25k along Park
49th
qualifying sites, via special permit)
Avenue
• Required District Improvement Bonus contribution or Landmark transfer (around Grand Central)
46th
Up to 30.0
transfer (around Grand Central)GCT
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IntroductionDIB/Public Improvements
Mad
ison
47th• Vanderbilt offers opportunity to create a significant gateway in East Midtown, adjacent to Grand Central Terminal
Gi en iconic location sho ld be an
45th
46th• Given iconic location, should be an elegant and distinguished space
• Intent would be to create a partially-pedestrianized public space while still
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45thp p pallowing crosstown access and access to surrounding buildings and Grand Central Terminal
43rd
GCT
42nd
GCT
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IntroductionDIB/Public Improvements
53rd
42ndGCT
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IntroductionEast Midtown Update
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January’s Topics• Proposal Update
OUT
Park
Ave
nu• Boundary Change• Sustainability
• RWCDS Update
• DIB mechanism• Committee structure• Duties of Committee
U f f di• Use of funding
• Pedestrian Network –Findings
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IntroductionEast Midtown Update
ue
Today’s Topics• Residential Uses
Park
Ave
nu
• Historic Resources
• DIB Contribution Rate
• DIF Priorities
• Next Steps
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Residential Uses
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Proposal UpdateResidential Uses
• Residential uses are allowed in East MidtownResidential uses are allowed in East Midtown under existing zoning, and we are seeing as-of-right residential growth through new development and building conversions
Thi t d i t d t ti i th• This trend is expected to continue in the future; We assume nearly 1 million additional square feet of residential development in area through as-of-right construction
• The purpose of proposal is to maintain a strong commercial presence in East Midtown by encouraging new commercial development in East Midtown on Qualifying Sites
• Incentivizing residential uses on the limited sites of significant size that represent the best opportunities for commercial development in the area would be contrary to proposal’s goals and objectives
• We believe a mix of uses is best achieved by continuing to allow residential uses on non-qualifying sites
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Sony Building1980s office building presently planned for
conversion to residential and hotel uses
qualifying sites
DEIS Historic Resources
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Proposal UpdateDEIS Historic Resources
CEQR Technical Manual – Historic Resources in DEIS“Environmental review for historic and cultural resources includes a survey and planning process that helps protect New York City cultural heritage from the potential impacts of
j t d i CEQR Hi t i dprojects undergoing CEQR. Historic resources and archaeological sites are identified and evaluated, and if impacts are found, they are mitigated or avoided to the greatest extent practicable.
As appropriate, the lead agency may determine it is appropriate to consult or coordinate with the city’s expert technical agencies for a particular project. Here, the New York City Landmarks Preservation Commission (LPC) should be consulted for information technical review andshould be consulted for information, technical review, and recommendations for mitigation relating to historic and cultural resources.”
“For projects that may affect historic resources (see Section 200), the first step in evaluating a project's potential effects on historic resources is to consider what area the project might affect and then identify historic resources—whether officially recognized or eligible for such recognition—within that area ”
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that area.
Proposal UpdateDEIS Historic Resources
CEQR Technical Manual – Historic ResourcesCEQR Technical Manual Historic Resources in DEIS“Impact assessment is directly related to the proposed project and how it would affect the distinguishing characteristics of any resources identified.
The assessment asks three major questions:(1) would there be a physical change to the property?; (2) would there be a physical change to its setting,
such as context or visual prominence (also known p (as indirect impacts)?;
(3) if so, is the change likely to alter or eliminate the significant characteristics of the resource that make it important?”
Reviewed in various chapters including:• Historic Resources• Construction• Neighborhood Character• Shadows• Shadows• Urban Design and Visual Resources
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Proposal UpdateDEIS Historic Resources
57th
Park
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• 23 existing Landmark buildings in g gEast Midtown
vu
w
a) 275 Madison Avenueb) Bowery Savings Bank) Ch i B ildi
k l m n o
q
r s
p
tc) Chanin Buildingd) SOCONY-Mobile) Grand Central Terminalf) Chrysler Buildingg) Fred French Buildingh) New York Central Building
49thi jh) New York Central Building
i) Saks Fifth Avenuej) Waldorf-Astoriak) St. Patrick’s Cathedrall) Villard Housesm) St. Bartholomew’s Church
46th g h
n) GE buildingo) Summit Hotelp) Pierce Residenceq) Look Buildingr) Fisk-Harkness Building) R t Cl b
42nd
b c d
e f
s) Racquet Clubt) Seagram’s Buildingu) America-Israel Cultural Foundationv) Lever Housew) St. Regis Hotel
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a
Proposal UpdateDEIS Historic Resources
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Park
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Third
vu
w• 23 existing Landmark buildings in East Midtown
k l m n o
q
r s
p
t• LPC has been actively reviewing the East Midtown area to identify other ‘potentially eligible’ historic resources
49thi j
46th g h
42nd
b c d
e f
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Proposal UpdateDEIS Historic Resources
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Park
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32
• LPC has identified 32 “potentially eligible” historic resources in East Midtown for the DEIS analysis*
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29
31
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271) Encaustic Tile Bldg2) 18 East 41st St Bldg3) 22 East 41st St Bldg4) Chemists’ Club Bldg5) 299 Madison6) Lincoln Building
17) 400 Madison 18) Union Carbide Bldg19) Hotel Lexington20) Halloran House21) 18-20 East 50th St22) 437 Madison 21
23
26
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49th6) Lincoln Building7) Philip Morris8) Pershing Square Bldg9) Lefcourt National Bldg10) Met Life Bldg11) Graybar Bldg
22) 437 Madison23) Benjamin Hotel24) Girl Scouts Bldg25) R&M McCurdy Bldg26) 503 Madison27) Paley Park 15
17
16 18 19
20
21 22
46th 11) Graybar Bldg12) Title Guarantee Bldg13) Yale Club14) Roosevelt Hotel15) Postum Bldg16) Mercantile Library
27) Paley Park28) Citicorp Center29) Young Residence30) 417 Park Avenue31) Erdmann Residence32) Universal Pictures Bldg 10
1213
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14
15
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35 6 7 8
911
* Eligibility is a process defined by environmental review process. The designation of landmarks is subject to its own process set out by the Landmarks Preservation Commission and as
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1 24defined under the NYC Landmarks law
DIB Contribution Rate
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Proposal UpdateDIB Contribution Rate
District Improvement Bonus proposal is intended to ensure flexibility to identif and implement pedestrianidentify and implement pedestrian network improvement projects as funding is generated, while offering opportunities for public input and reviewreview
Zoning Text would describe:• District Improvement Fund (DIF)
• DIF Committee
• District Improvement Bonus (DIB) provisions
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Proposal UpdateDIB Contribution Rate
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Park
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• EDC, on behalf of the Department of City Planning, procured a development rights valuation study from LandauerValuation & Advisory, a subsidiary of Newmark Grubb Knight Frank
49th• Goal of study was to determine a contribution rate for DIB that reflects market rate for commercial development rights
46th • Study valued the commercial development rights created under this proposal at $250 per square
42nd
foot and DCP is recommending that this be the required DIB contribution rate
GCT
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Proposal UpdateDIB Contribution Rate
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Park
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‘Overbuild’ Discounted RateThe discounted rate to rebuild ‘overbuilt’ floor area would be 50% of base rate ($125 per sf)
Annual AdjustmentCity is continuing to study
49thadjustment mechanism that would track changes in market values over time
46th
42ndGCT
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Proposal UpdateDIB Contribution Rate
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Park
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A f i ht DIB t ib tiAs-of-right DIB contributions• East Midtown DIB would generate
$605 million (in 2013 dollars) for pedestrian network improvements
t 20 b dover next 20 years, based on Projected Development in DEIS
• Each Qualifying Site estimated to t ib t f $50
49thcontribute an average of $50 million to DIB (range $30m-$100m)
• Assumes use of all landmark G d C t l S b fl
46th Grand Central Subarea floor area (5% of GCT sales go to improving Terminal building)
42ndGCT
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Proposal UpdateDIB Contribution Rate
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S i l P it f S iSpecial Permit for Superior Development - DIB contributions• DEIS will also study the conceptual
use of special permit on three sites
• If approved at maximum FAR (24.0, 30.0), these developments would generate additional $145
illi f d t i t k49th
million for pedestrian network improvements in East Midtown
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42ndGCT
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Proposal UpdateDIB Contribution Rate
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Park
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T t l f di f d t i t kTotal funding for pedestrian network improvements generated over long term by DIB through development on Projected Sites in DEIS scenario and in special permit conceptual analysis:special permit conceptual analysis:
As-of-Right DIB $605mConceptual Special Permit DIB $145mTotal DIB $750m
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$
Represents the best estimate of proceeds available through the DIB over the long term
46th
42ndGCT
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DIF Priorities
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Proposal UpdateDIF – Early Priorities
Mad
ison
GCT
42nd
GC Subway Station - Lexington Line• Greatly improves user experience in subway station
Vanderbilt Avenue• Opportunity to create significant new public space adjacent to Grand Central Terminal
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• Can improves running of overall Lexington Line
• New distinguished ‘address’ for new commercial construction
Proposal UpdateDIF – Below-grade
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Potential below-grade improvements•Grand Central station • 5th/53rd st station• Lex/53rd st station 53rdLex/53 st station 53
49th
46th
GCT42nd
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Proposal UpdateDIF – Below-grade
Grand Central Subway Station
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5th/53rd station Lex/53rd Station
Proposal UpdateDIF – Above-grade
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Potential above-grade improvements• Key Street improvements• Vanderbilt connections
53rd53
Vand
erbi
lt
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Proposal UpdateDIF – Above-grade
57th
53rd53
Key Street improvements• Opportunity to develop comprehensive improvements to streets with high pedestrian activity – Madison, Lexington, 53rd streets• Could include sidewalk widenings andCould include sidewalk widenings and bumpouts, subway grate replacements, street tree planting, or other design interventions•Specific designs would be further developed in the future including analysis
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GCT
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developed in the future including analysis, design and public consultation
Proposal UpdateDIF – Above-grade
Park Avenue
Vanderbilt ConnectionsWo ld pro ide opport nit to e pand
45th Street Connection
Depew Place
• Would provide opportunity to expand Vanderbilt pedestrian space network to surrounding area• Create outdoor network around Grand Central Terminal
Vanderbilt
Loop Road
Grand Central Terminal
Porte Cochere
Pershing EastPershing West
42nd Street Connection
Library Way
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Mad
.
Lex.
Proposal UpdateDIF
P ibl DIF l l t f
Mad
ison
Lexi
ngto
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Possible DIF value over long term of $600m-$750m (based on DEIS development scenario and conceptual use of special permit)
53rdImprovementsIdentified below-grade improvements• GC subway station • 5th/53rd st station• Lex/53rd st station
53rd
Lex/53rd
station5th/53rd
station
• Lex/53rd st station
Identified above-grade improvements• Vanderbiltpedestrian space• Lexington Avenue sidewalks • Madison Avenue sidewalks• 53rd street sidewalks• Vanderbilt connections Va
nder
bilt
GC Subway
GCT
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Subway
Next Steps
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Proposal UpdateNext Steps
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Next Steps
Next Tri-Board meeting• Vanderbilt design concepts• Height and setback controls• Sustainability update
49thApril ULURP Certification Date
46th
42ndGCT
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