A New York City Council panel approved zoning changes necessary to advance a proposed 67-story office tower development with enhanced access to 102-year-old Grand Central Terminal.
The council's subcommittee on zoning and franchises signed off May 5 on SL Green Realty Corp.'s proposal for a 67-story building as 1 Vanderbilt. Approvals from the city Planning Commission and the full council are expected later this month.
According to council member Daniel Garodnick, who represents the Midtown East Side district, SL Green has agreed to add a second transit hall along East 42nd Street for commuters at the base of 1 Vanderbilt, and enhanced underground commuter movement.
The additional $10 million investment brings the company's investment in transit improvements to $220 million.
The MTA is one of the largest municipal issuers with nearly $35 billion in debt. One of its largest projects is East Side access for Long Island Rail Road trains, although it may not finish that project until 2023.
"Generations of commuters may not know it now, but they will thank us later," said Garodnick.
Garodnick two years ago opposed the original 73-story tower supported by Mayor Michael Bloomberg before he left office. His successor, Bill de Blasio, resubmitted the rezoning proposal.
The project would provide a facelift to Vanderbilt Avenue, just west of the terminal on West 42nd Street. "Vanderbilt Avenue looks and feels like a back alley," said Garodnick.
