- When: 2025/10/29
- Address: 347 Lexington Avenue
- City: New York
- State: NY
- Category: Spot Rezoning
- Subcategory: Mixed-Use Rezoning
- Asset Class: Mixed-Use
- Property Type: High-Rise
- Size (SF): 20,000 SF
- Size (Units): 150 Units
- Size (Dollars): $150,000,000
- New Zoning: C5-2 with Special Permit
- New Zoning Description: The special permit allows modifications to C5-2 bulk regulations to accommodate the proposed mixed-use development, specifically increasing the total permitted FAR and adjusting setback requirements to allow for a taller, more slender building. The effective FAR will be approximately 12.0 for the mixed-use development.
- Previous Zoning: C5-2
- Previous Zoning Description: Commercial District - This district permits high-density commercial uses with residential allowed under specific conditions, primarily through the Quality Housing Program. It typically has a Floor Area Ratio (FAR) of 10.0 for commercial and 7.52 for residential.
The City Council approved a special permit on October 29, 2025, to facilitate the development of a new mixed-use building at 347 Lexington Avenue in Manhattan. This project, undertaken by Lex 347 Development LLC and designed by SLCE Architects, involves modifications to the existing C5-2 zoning bulk regulations. Specifically, the special permit allows for an increase in the total permitted Floor Area Ratio (FAR) to approximately 12.0 and adjustments to setback requirements to accommodate a taller, more slender structure. The proposed development will include approximately 150 residential units, which comprise an affordable housing component, and over 20,000 square feet of commercial space. This approval significantly enhances the development potential of the site compared to the previous zoning regulations.
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