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City Considers Makeover Along East Side Waterfront

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The United Nations hasn't been exactly starving for fresh real estate, with a $1.9 billion renovation of its headquarters happening right now. But the U.N. might be getting a whole new building, and the city new park space on the waterfront, under what Crain's calls a "byzantine plan" in progress for the 21-block gap in the East Side waterfront promenade. So how's this thing gonna work?

The city would sell two East 44th Street buildings, which it currently leases to the U.N., for $150M-$300M to get some cash for construction. Then the U.N. would have to fork over another $75 million to the city for permission to build its new building on Robert Moses Playground, across from the current U.N. building. To make up for the lost park, the city would spend that money on closing the gap in the promenade between East 38th and East 59th streets and expanding other area parks. All this is partly an effort to keep the UN from building on its own campus, where the city would have no input on the construction. Sounds like it'll all be finished in no time!
· City plots huge land deal with U.N. [Crain's]