Grand Central Terminal Air Rights Takings Litigation Settled

The Grand Central Terminal air rights takings litigation was settled yesterday.  We reviewed this litigation in our blog on June 8, 2016, available here:

This settlement will allow for the construction of a 1,401-foot-tall building across 42nd Street on Vanderbilt Avenue in Manhattan.

Interestingly, the settlement, according to a New York Times article, dated August 10, 2016, is likely because of a change in the ownership of the plaintiff corporation.  The new owners are MSD Capital, a firm controlled by Michael Dell, the founder of Dell Computers, and brothers K. Thomas and Frederick Elghanayan who own TF Cornerstone and are prominent residential builders and owners in New York City.  According to the Times, “The new partners promptly abandoned the litigation strategy.”

Beyond the Vanderbilt Corridor Rezoning, New York City plans to begin the public review of a proposed rezoning, called East Midtown, for a large section of Midtown surrounding Grand Central.  Information on New York City Department of City Planning’s East Midtown Rezoning can be found here:

Posted in Inverse Condemnation, Litigation, Zoning
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