In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Barbara Blair, President of the Garment District Alliance, and Howard Raber, a Director in Investment Sales at Ariel, unpack the recently approved Midtown South Mixed-Use (MSMX) Plan, which replaces outdated manufacturing zoning with residential use. The Midtown South rezoning spans 42 blocks across four distinct quadrants—roughly between 23rd and 41st Streets and Fifth and Eighth Avenues—and is expected to create nearly 10,000 new homes, of which close to 3,000 will be permanently affordable.

Raber said that owners and developers are tremendously optimistic about the Midtown South rezoning plan because it will allow both office-to-residential conversions and ground-up residential developments. Blair noted that adding housing to the Garment District, when combined with the 54 existing hotels, will create a 24/7 live/work environment that will bring in better amenities and retail to the neighborhood.