Quote:
Originally Posted by CIA
I wonder if this has anything to do with the lawsuit the owners of Grand Central Terminal filed against the city for (intentionally or unintentionally) reducing the market value of the air rights when it rezoned One Vandy. Under the old rules, there was no one which could accept Grand Central's air rights and the property is landmarked, forbidding it's redevelopment to take advantage of the allowable air rights.
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It has nothing to do with Grand Central. This has been in discussion for probably 10-15 years now, long before talk of rezoning the area.
And Grand Central's air rights are available to anyone. The reason the entity that controlled the air rights was against the East Midtown rezoning is because they believe it devalues their air rights (previously they had a monopoly on air rights in the area).