N08041 ZAM application by Tishman Realty, LP and the Majestic Theater (owned by the Shubert Organization) for Certification by the City Planning Commission pursuant to Section 81-744(B) of the Zoning Resolution, permitting the transfer of ...
WHEREAS, The Majestic Theater, located at 245 West 44th Street ("Theater") is a legitimate theater listed in ZR §81-742 and is permitted by the terms of ZR§81-744 to transfer unused air rights to a development site within the Theater Subdistrict; and
WHEREAS, ZR§81-744(b) permits the transfer of additional air rights (up to an increase of 20%) to development sites located in the Eight Avenue Corridor, provided that the proposed development (a) relates harmoniously to structures and open space in the vicinity; (b) serves to enhance or reinforce the general purposes of the Theater Subdistrict; (c) the owner of the granting site agrees to continue the use of the granting site as a legitimate theater for so long as the building constructed by using the transferred development rights is in existence; and (d) an amount of money equal to $14.91 for each square floor of developments rights transferred is contributed to the Theater Subdistrict Council; and
WHEREAS, The Applicants have applied for an authorization with regard to the transfer of 48,180 square feet of development rights from the Theater to a receiving site at 306 West 44th Street, thereby permitting construction of a hotel totaling 319,804 square feet; and
Whereas, The theater is within Community Board 5 boundaries and the receiving site is within Community Board 4; and
WHEREAS, The theater, while maintained in excellent condition by the Shubert Organization, is creating a preservation plan to ensure a high level of maintenance for the theater, and ensure that the structure remains a theater in perpetuity as required by the zoning text; and
WHEREAS,The proposed hotel development will be submitted for LEED certification at the completion of the project; and
WHEREAS, The Applicants have proposed the development of theater-related uses that will include two floors of rehearsal space located below grade at the base of a new 7 story affordable housing development; and
WHEREAS, The rehearsal space, called the Clinton Cameo Studios, will have two fully equipped rehearsal studios, a green room and storage facilities (located in CB 4). The space will be run by a non-for-profit company and will charge $15 per hour for the space, which represents the cost of upkeep. The use of the space was dedicated in consultation of five non-for profit theater companies; and
WHEREAS, The venture will also develop a 7-story, 9-unit affordable housing building, totaling 10,500 square feet of residential space (located in CB 4). The site is developed in partnership with the Clinton Housing Development Company, which will operate the building. The site will be maintained as affordable housing in perpetuity; and
WHEREAS, The Theater Subdistrict Council has now been created to receive, manage and disburse funds paid to the Theater Subdistrict Fund: and
WHEREAS, The applicants are required to contribute $718,363 to the Theater Subdistrict Fund pursuant to the application; therefore be it
RESOLVED, That Community Board Five recommends approval with regard to the Application for authorization by the City Planning Commission pursuant to ZR§ 81-744(b), permitting the transfer of air rights from the Majestic Theater to a receiving site at 306 West 44th Street.
The above resolution passed by a vote of 28 in favor, 1 opposed, 1 abstention.