Visitors to Manhattan will soon be greeted by a gleaming new 1,401-foot tower as they exit Grand Central Terminal, now that a lawsuit between two major real estate companies has been settled. Midtown TDR Ventures, the owners of historic Grand Central, withdrew their $1.1 billion lawsuit against SL Green Realty Corp, the City Council, and the de Blasio administration on Wednesday.
A few years back, SL Green attempted to buy the air rights above Grand Central from TDR Ventures in order to build the tower higher than zoning allowed. But then the de Blasio administration rezoned the area in exchange for $200 million in transportation funds. This didn’t go over well with TDR, who felt cheated out of their compensation for air rights.
The lawsuit was withdrawn after a leadership change at TDR Ventures, which will allow SL Green to move forward with the project, which will be designed by Kohn Pedersen Fox. The firm describes the tower as a "21st century successor to Rockefeller Center".
For more from Kohn Pedersen Fox, check out these links:
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