As the Midtown East rezoning vote nears, there have been a few articles published worth a bit of our attention. In today’s The Times, the City Club of New York takes centerstage as they bemoan the economic machinations behind Mayor Bloomberg’s plan.
The long-dormant good government group has issued a 24-page position paper on the rezoning plan, and essentially, they claim that the city’s plan amounts to an effort to sell development rights in the rezoned area for $250 a square foot. The money would go to transit improvements, but none of it, they say, is a constitutionally permissible taking. I’m not well versed enough in New York City property law to pass a judgment one way or another, but the point remains that this group is going after the fund designed to boost transit capacity.
If Mayor Bloomberg has his way, one more time, the rezoning and this fee could generate around $500 million for transit investment in the Midtown East area. The Commercial Observer recently ran down the list of improvements, and although it’s one I’ve covered before, it’s worth revisiting. For $465 million — not much less than the cost of the dearly departed 7 line station at 41st St. and 11th Ave. — the list features “widened stairways, additional escalators (leading to and from subway stations at Grand Central, Lexington Avenue at 51st and 53rd Streets and Madison Avenue and 53rd Street), and a pedestrian passage between the Grand Central subway and Long Island Railroad platforms.” Will these upgrades truly solve the capacity crunch and why does this cost so much?