Saturday, October 3, 2015

Just how much are those Grand Central Terminal TDRs worth?

The next story line in the Penn Central saga.  From Reuters...

The owner of Grand Central Terminal has filed a $1.13 billion lawsuit accusing New York City of effectively taking away his air rights over the landmark train station by letting the developer SL Green Realty Corp (SLG.N) build a giant skyscraper.

The complaint filed late on Monday on behalf of owner Andrew Penson is the latest chapter over Grand Central, which was declared a landmark in 1967, four years after the demolition of Pennsylvania Station sparked a movement to preserve significant architectural works.

Two of Penson's companies said the city rezoned the area around Grand Central to let SL Green build a roughly 1,400-foot tall tower - higher than the Empire State Building and Chrysler Building - known as One Vanderbilt across the street, if it also made nearby transit and pedestrian infrastructure improvements.

Rest of the story here.

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