Midtown Residential Tower

The development property is located in the Commercial (C5-2) zone (See NYC Zoning Map 8d) which allows the full range of commercial activity in the city, from local retail and service establishments, to regional shopping, office centers and hotels.

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This district also permits residential development at R10 density. According to the NYC OASIS (Open Accessible Space Information System) map, the merged lot size of 314 and 316 Fifth Avenue is 4,934 SF, while the merged lot size of 312, 314, and 316 Fifth Avenue is 7,400 SF. Pursuant to the Zoning Resolution, the merged zoning lot may be developed with a Floor Area Ratio (FAR) of 10, which means that for every square foot of lot area, 10 square feet of built floor area is permitted. Complying with this regulation, the development lot may be developed as-of- right with a building containing 49,340 SF and 74,000 SF respectively. In the Development Analysis, our firm calculated the floor area based on the assumption of purchasing 20,000 SF from the adjacent lot (2 West 32nd Street), which creates a total buildable floor area of 69,340 SF and 94,000 SF respectively. However, this is subject to confirmation from the New York City Department of Buildings. We did not review for easements, restrictive declarations, or any other conveyances that may affect the ability to utilize the aforementioned floor area.