We're a little late on this one, but last week the Landmark Preservation Commission approved RFR Realty's plan under Section 74-79 of the city's zoning text for its development at 610 Lexington Avenue. RFR is halfway home now--it now needs to get approval from the Department of City Planning to transfer air rights from the Seagram Building, at 375 Park, before construction begins.

Section 74-79 allows developers to transfer air rights from landmarked buildings as long as the upkeep of the landmarked property is guaranteed. RFR, which owns both the Seagram Building and 610 Lexington--it's an old YWCA, for now--has agreed to maintain the property for perpetuity (which means, if it sells the building, its maintenance will be written into the deed).

The new 257,000-square-foot, 62-story building, if and when it's built, will be residential condos and a hotel.

-Matthew Grace