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Land Use, Housing & Zoning

BSA # 116-68-BZ, application for modification to an existing special permit at 40 Central Park South.

WHEREAS, The applicant, 40 CPS Associates LLC, is requesting approval for the transfer of excess development rights from 40 Central Park South (CPS) to 36 CPS, permitting a merger into a single zoning lot; and

WHEREAS, The site is located on a block (Block 1274) bounded by West 58th Street to the south, Central Park South to the north, Fifth Avenue to the east, and Sixth Avenue to the west; and

WHEREAS, This application seeks a modification of an existing variance which was granted to permit an eating and drinking establishment in a residential district; and

WHEREAS, The requested actions are sought in connection with the potential construction of a new building at 36 CPS with a height of approximately 850 feet; and

WHEREAS, The action would allow for the transfer of approximately 52,000 square feet of unused developments rights from 40 CPS to 36 CPS; and

WHEREAS, Much of the additional floor area being transferred is generated through the inclusionary housing bonus; and

WHEREAS, The new building which the applicant is considering building will otherwise comply with existing zoning; and

WHEREAS, BSA approval is only needed for this zoning lot merger because an underlying variance is in place for the restaurant use.  If no restaurant existed on the 40 CPS site then no BSA approval would be needed for the construction of a new building at 36 CPS with 40 CPS air rights; and

WHEREAS, The Board continues to be very concerned about the proliferation of towers along the southern edge of Central Park and other open spaces and the balance of public and private benefit associated with these buildings; and  

WHEREAS, Community Board Five is developing a more detailed policy statement which reflects our concerns about a more appropriate balance of public and private benefits in the context of new development and will examine a range of issues including: the impacts on open space of new development, an urban design framework which protects parks, the utility of the R-10 inclusionary housing bonus, the tax structure for these new hyper luxury apartment buildings, among other issues; and

WHEREAS, The applicant team has demonstrated a willingness to engage with the Community Board in many of these larger and more challenging questions and has been open and transparent with information about their proposed building; and

WHEREAS, The applicant has agreed to the conditions outlined below; therefore be it 

RESOLVED, Community Board Five recommends approval of this application with the following conditions:

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