The Reel

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A blog for breaking sales and neighborhood real estate news.

The East Village/Lower East Side Rezoning Plan was approved yesterday after a lengthy 3 year process. From a statement released by Mayor Bloomberg Wednesday afternoon:

"The new zoning of 111 blocks within the two areas will preserve the unique character of the neighborhoods by establishing height limits for the first time that will prevent new out-of-scale towers from undermining the existing building stock and established streetscapes. At the same time, the plan will create opportunities for new and affordable housing where appropriate on wider streets. It is expected to spur the production of 1,670 additional housing units over the next ten years, including 560 units permanently affordable to low- and middle-income families."

More information about the rezoning can be found here

If you have any questions please feel free to reach out to myself at 212-660-7754 or Michael DeCheser at 212-660-7772.

Neighborhoods: East Village, Lower East Side/ Agents: Michael DeCheser