NEW YORK (CBSNewYork) — The New York City Council this week approved the rezoning of the East Midtown business district – clearing the way for new tall buildings.

As WCBS 880’s Marla Diamond reported, the rezoning means the Art Deco Chrysler Building will be dwarfed as landmark buildings such as Grand Central Terminal and St. Patrick’s Cathedral sell air rights to developers looking to build taller anywhere in the district between East 39th Street on the south, East 57th Street on the north, Third Avenue on the east, and Madison Avenue on the west.

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“We have made sure that not only is there and opportunity for growth, but there are certain benefits for the public,” said City Councilman Dan Garodnick (D-4th).

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Under the plan, developers would be required to improve subway stations, streets and pedestrian areas, Garodnick said.

“This is a win, both for the city, as well as for the local community,” he said.

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The East Midtown district is home to more than 250,000 jobs and generates approximately 10 percent of the property tax revenue for the city, the New York Times reported. But on average, the buildings in the district are 75 years old, the newspaper reported.