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Market Update Monday: Sutton Place Fights Superscrapers

Uncategorized // Jan 25, 2016

45 Sutton Place South 16-F 07

Sutton Place residents and politicians alike have begun to file rezoning plans to terminate attempts to develop supertall building in the neighborhood. Formal plans have been submitted by The East River Fifties Alliance to the Department of City Planning for rezoning within First Avenue to the East River from 52nd to 59th Street. This plan is a joint effort among city officials and community shareholders to prevent the intrusion of taller towers to this residential neighborhood. “We are drawing a line on the march of superscrapers at billionaire’s row to protect our city’s residential neighborhoods,” City Councilmen Ben Kallos noted in a statement.

This plan aims to replace the current R10 zoning style, which allows urban planning without height restrictions. The new zoning plan would limit the height of buildings to 260 feet or 25 stories. Additionally the plan calls for affordable housing for at least 25 percent of new developments in the area and promotes the construction of communal spaces such as day care centers and medical facilities. Whether or not the affordable housing sector of the plan will be mandatory is in negotiations between the East River Fifties Alliance and City Planning.