Rejuvenating Midtown

October 1, 2015 – Media Mention
Real Estate Fund Manager

Mitch Korbey was quoted in Real Estate Fund Manager about the proposed rezoning of Midtown East, a 73-block area around Grand Central Station, by the New York City Department of City Planning. The story discussed how any rezoning could release roughly four million square feet of air rights, and the sale and trading of those air rights could spur the rejuvenation of up to 10 million square feet of feet of aging office stock. “Most of the buildings in the area comply with zoning today, but there are no incentives for [owners] to upgrade – if you can’t build bigger or taller, what’s the point of stripping down a Class B office and turn it into a Class A?" Korbey said. "[Midtown East] needs to be competitive with other cities, with Downtown, with Hudson Yard and unto itself.”