NYC Planning Moves Forward With Midtown East Rezoning

Law360, New York (March 1, 2013, 3:32 PM EST) -- The New York City Department of City Planning pushed forward a proposal to rezone Manhattan's Midtown East neighborhood late Thursday, starting a review process that could allow the city to sell "air rights" at landmarked buildings to spur development of a competitive district of commercial towers.

At a meeting Thursday night, the planning department said it hoped to sell transferable development rights, or air rights, from buildings in the district that haven't used their entire allowable height or floor area for about $250 per square foot...
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