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February 10, 2026 | Article

Jon Popin, a partner in Nutter’s Real Estate Department, authored an article about New York City’s Midtown South rezoning in New York Real Estate Journal (NYREJ). In the article, “NYC’s Midtown South rezoning offers huge opportunities - if property owners navigate the complex rules,” Jon outlined how one of New York’s biggest development opportunities in 2026 is the creation of the first of potentially thousands of new housing units in the Special Midtown South Mixed Use District in Manhattan, unlocked by the City Council’s approval last year of one of the most innovative rezonings in the city in decades.

“Overall, in coming years New York City could see the creation of as many as 9,500 new homes – including up to 2,800 affordable housing units and tremendous new vitality – in the roughly 42 blocks south of Times Square between Penn Station and Bryant Park that make up the new district,” Jon noted.

He continued, “What’s crucial for property owners to win the new FAR gains is knowing how to work carefully with both the New York City Department of Buildings and the New York City Department of Housing Preservation and Development to implement the MIH [Mandatory Inclusionary Housing] affordable housing requirements. Close coordination with these city agencies is especially important when new affordable developments also take advantage of real property tax incentives pursuant to New York State’s 485-X Tax Exemption Program.”

“The Special Midtown South Mixed Use District has created a way both to maintain existing industrial uses while incentivizing new large residential developments that create much-needed affordable housing, key city planning objectives for the district. For property owners and prospective investors who want to take advantage of the chance to redevelop and upsize their holdings, the path through the process is complex, but navigable, and the opportunity is nothing short of historic,” Jon concluded.