On September 28, 2015, Plaintiffs Midtown TDR Ventures LLC and Midtown GCT Ventures LLC, the owners of Grand Central Terminal, brought an action in the United States District Court for the Southern District of New York against the City of New York, the City Council, and private real estate developer SL Green Realty Corporation, and argued that the May 27, 2015, Vanderbilt Corridor rezoning effected a taking of Plaintiffs’ transferable development rights, or air rights, in violation of the Fifth Amendment of the United States Constitution. Unused air rights have… read more
June 8, 2016