With the changes, about 6.5 million square feet (604,000 square meters) of new offices could be built in the area, which is anchored by Grand Central Terminal.
The iconic building, visible from Interstate 83, will be converted into a mixed-use development.
Aug 01, 2017
Latest report shows agonizingly slow progress in office sector.
With a dwindling supply of old warehouses to convert, technology and creative services firms have switched their focus to office towers.
The area, mostly between Madison and Third avenues, has more than 60 million square feet of offices and more than a quarter-million workers, according to the city.
According to local officials, class-A office buildings in the area have a vacancy rate of 5.0 percent.
In a pilot program anchored by co-working spaces, Verizon already has transformed four of its urban “telco” buildings.
The burger chain is going mixed-use with its headquarters.