Over the next decade, approximately 9,500 new apartments are expected to be constructed in Midtown South. This projection follows the recent approval of a rezoning plan for the Manhattan neighborhood, which introduces high-density residential districts to areas previously designated for manufacturing.
The City Council approved the 42-block rezoning this month. It is the first instance where the city has applied its expanded authority to establish higher-density residential zones. In certain sections of the rezoned area, residential buildings can now have a floor area ratio (FAR) of up to 15 or 18. This change stems from modifications made in last year’s state budget and is also part of the City of Yes for Housing Opportunity initiative. Previously, residential density was limited to an FAR of 12.
This rezoning also marks the introduction of Mandatory Inclusionary Housing requirements in Midtown Manhattan. Out of the estimated 9,500 new apartments, about 2,800 will be designated as affordable housing.
The affected areas cover four non-contiguous parts of Midtown South, bordered by 40th Street to the north, Fifth Avenue to the east, 23rd Street to the south, and Eighth Avenue to the west.
Prior to final approval by the City Council, adjustments were made: a section in the northwest Garment District lost its residential zoning designation and permitted density was reduced from an FAR of 18 to 15 in part of the southeast quadrant. These changes resulted in a reduction of projected housing units by 193.
Some observers believe these projections may understate potential housing losses due to council carveouts. The likelihood that sites will be redeveloped after rezoning depends on multiple factors that cannot be fully accounted for in official estimates.
The Real Deal has mapped over sixty sites identified by the Department of City Planning as likely candidates for development under this rezoning plan and seven additional “potential sites” that are considered less likely to see development by 2034. The map will continue to be updated as properties change hands or as permit applications are filed with city agencies.
