Posted Feb 12, 2019, 8:11 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,917
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Looking back at it now, we should have known something was afoot when the lawsuit against One Vanderbilt and the City was dropped. So in addition to the Chase tower, we are getting this one as a result.
https://www.nytimes.com/2016/08/11/n...kyscraper.html
Owners of Grand Central Drop Lawsuit, Clearing Way for a 1,401-Foot-Tall Skyscraper
By Charles V. Bagli
Aug. 10, 2016
Quote:
The owners of Grand Central Terminal ended a long-running feud on Wednesday with the developer of a planned 1,401-foot-tall skyscraper across Vanderbilt Avenue on 42nd Street in Manhattan.
Midtown TDR Ventures, the investment group that owns the terminal, withdrew a $1.1 billion federal lawsuit filed last September against the developer, SL Green Realty Corporation, the New York City Council and the administration of Mayor Bill de Blasio.
In return, SL Green paid the investment group a sum, which executives who had been briefed on the deal but requested anonymity because they were not authorized to discuss the details described as “de minimis.”
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Quote:
Midtown TDR Ventures, which was originally led by Andrew S. Penson, purchased Grand Central in 2006 for roughly $80 million. The terminal itself was of little value, since it is under a long-term lease to the Metropolitan Transportation Authority at a relatively modest rent that decreases over time.
The investors were hoping to reap a fortune from the 1.2 million square feet of unused development rights, or air rights, above the terminal.
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Quote:
The settlement of the once bitter dispute follows changes in the ownership of Midtown TDR Ventures. Last month, one of Mr. Penson’s partners, Lehman Brothers Holdings, sold its stake to MSD Capital, a firm controlled by Michael Dell, the founder of Dell, for $63 million, according to city records.
MSD Capital then joined with the brothers K. Thomas and Frederick Elghanayan to buy out another partner, Fortress Investment. The Elghanayans, who own TF Cornerstone, are prominent residential builders and owners in New York City. The new partners promptly abandoned the litigation strategy.
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Quote:
Mr. Weisbrod said the city planned to begin the public review of its rezoning proposal for a wide swath of Midtown surrounding Grand Central, known as East Midtown, soon, and “looked forward to working with the newly constituted partnership.”
“We’re very excited about the new zoning,” Jon McMillan, an executive at TF Cornerstone, said. “It should provide plenty of new opportunities.”
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