Economy

SL Green’s Skyscraper Project Advances Following Dismissal of $1.1 Billion Lawsuit, Reports Reuters

NEW YORK (Reuters) – The owner of Grand Central Terminal has decided to withdraw a $1.13 billion lawsuit that accused New York City of infringing on his air rights by permitting developer SL Green Realty Corp to construct a skyscraper adjacent to the historic train station.

On Wednesday, Midtown TDR Ventures LLC and Midtown GCT Ventures LLC voluntarily dismissed the lawsuit they filed in September 2015. This move clears the way for the construction of a 1,401-foot tower directly across from Grand Central.

The lawsuit was brought on behalf of Andrew Penson, who acquired Grand Central in 2006 for $80 million. The city’s rezoning of the area surrounding the terminal rendered Penson’s air rights "unsellable and therefore worthless" by allowing SL Green, a major player in the city’s commercial development scene, to proceed with the One Vanderbilt tower project.

The new skyscraper will be situated on the west side of the iconic train station, with demolition on the site nearing completion. Located just east of Grand Central is the renowned 1,046-foot Chrysler Building, formerly the tallest in the world and currently the sixth tallest in the city.

SL Green received authorization to build One Vanderbilt after agreeing to contribute $220 million towards improvements for the subway station located beneath Grand Central.

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