The strip from Avenue A to 1st Avenue is zoned for mixed use commercial and residential space with an 80 ft height cap and a maximum floor area ratio of 4, about the size of an Old Law 6-story tenement. It's similar to the EV/LES 2008 rezoning but without any affordable housing provision (beyond the 421a tax incentive which keeps it affordable only for about 25 years).
Will the developer get a variance to build higher? The Board of Standards and Appeals doesn't give out variances like candy -- the developer has to show some rationale. Otherwise the city wouldn't have spent millions on rezoning 120 neighbrohoods under Bloomberg.