The Real Estate Board of New York to The City Planning Commission on the proposed project at 350 Park Avenue

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The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other organizations and individuals active in New York City real estate. Thank you to the City Planning Commission for the opportunity to comment on the proposed project at 350 Park Avenue (N250202ZCM, N250203ZCM, N250204LDM, N250205LDM, C250197ZSM, C250198ZSM, N2050199ZCM, N250200ZCM, N250201LDM).

REBNY strongly supports the proposed development, a transformative $4.5 billion investment that will deliver a 1.6 million-square-foot, 1,585-foot-tall, all-electric Class A office tower in the heart of East Midtown. The project advances the goals of the Greater East Midtown Rezoning by reinforcing the areas’ role as a premier central business district and job center. It will generate approximately 6,200 construction jobs and 15,200 permanent jobs, while expanding office, restaurant, and amenity spaces that strengthen the City’s economic competitiveness.

The project offers significant public realm improvements and preservation benefits. These will include a 12,500-square-foot public concourse along Park Avenue, representing nearly a quarter of the site. Additionally, the purchase of 500,000 square feet of landmark Transferable Development Rights (TDRs) will unlock $151.7 million in dedicated funding to support the long-term preservation of St. Patrick’s Cathedral and St. Bartholomew’s Church. These significant funds will go towards the critical restoration and maintenance of the interior and exterior of St. Bart’s and assist with ongoing restoration of St Patrick’s. The transfer of development rights agreement also fulfills one of the East Midtown rezoning goals by supporting cultural and architectural monuments in New York City.

Moreover, the project will contribute to the Public Realm Improvement Fund (PRIF), enabling continued investment in streetscape, plaza, and transit upgrades in East Midtown. This project represents a unique opportunity to deliver new jobs, critical infrastructure funding, public space, and economic activity.

REBNY strongly believes that this project is consistent with the goals of the Greater East Midtown Special District and should be adopted by the City Planning Commission.

Thank you for considering these points.