realestate

Midtown Manhattan neighborhood poised for housing boom.

New plan could transform office district into vibrant, 24/7 area with nearly 10,000 new apartments.

C
ity officials are pushing to revitalize Midtown South, a 42-block area near Penn Station, by rezoning the area to address the city's housing crisis. The plan aims to transform the struggling office district into a vibrant neighborhood with nearly 10,000 new apartments, including 2,800 affordable units.

    According to City Planning Director Dan Garodnick, current zoning rules hinder development in this prime location, despite its dire need for housing. The proposed rezoning would allow skyscraper apartments and office-to-residential conversions, creating a more residential-friendly neighborhood like the Financial District after 9/11.

    However, critics warn that the plan may repeat FiDi's mistakes by not mandating affordable housing. Today, FiDi boasts some of Manhattan's priciest rents and lowest poverty rates, leaving low-income renters locked out. Supporters argue that Midtown South's proximity to major transit hubs makes it an ideal location for a residential revival.

    Key City Council members Keith Powers and Erik Bottcher have already expressed support for the proposal, but critics say it doesn't do enough for low-income New Yorkers. John Mudd, president of the Midtown South Community Council, called the plan insufficient, stating that it's "a drop in the bucket" when it comes to addressing the city's housing needs.

    The Department of City Planning has kicked off the process to reimagine the area between 23rd and 40th streets and Fifth and Eighth avenues. The rezoning could include up to 2,800 affordable units under rules requiring developers to cap rents for low- and middle-income tenants in at least 25% of new apartments.

Midtown Manhattan neighborhood prepares for housing development and construction boom.