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June 15, 2017

Stroock Special Bulletin

By: Ross F. Moskowitz, John B. Egnatios-Beene, Ashley E. Doukas

On June 7, 2017, the NYC City Planning Commission approved the establishment of the East Midtown Subdistrict, which extends from 39th Street to 57th Street between Fifth Avenue and the east side of Third Avenue.  The purpose and goal of the East Midtown Subdistrict is to maintain and reinforce East Midtown as one of the premiere business districts in the world, by permitting on an as-of-right basis an increase in floor area by providing transit improvements and allowing the transfer of development rights from landmark sites to receiving sites within the Subdistrict.  

This Stroock Special Bulletin summarizes the approved proposal for the Subdistrict, which has generated much interest from the real estate community, transit advocates, and owners of landmark buildings.