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Monday / May 28.
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Strolling down a city block, you wouldn’t think twice about the price tag empty space can command. But in New York City, vertical real estate space is the cash cow for developers looking to build higher and higher on the backs of our neighborhoods. The transfer of air rights has been slowly altering the city skyline for decades, and for now we’re only going to see more of the same.

 

Developers are raring to line their pockets.  New zoning regulations would kickstart what the Commercial Observer describes as “a forest of new office towers in one of the city’s densest commercial districts.”  The Midtown East upzoning proposal had gone from “a hotly contested rezoning under Mayor Michael Bloomberg to a relatively uncontroversial one under Mayor Bill de Blasio.”