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Deals & Dealmakers

Path cleared for new One Vanderbilt tower

Andrew Penson, the owner of Grand Central Station has agreed to withdraw his lawsuit against the planned One Vanderbilt office tower in Midtown.

Last September, Penson sued the city and developer SL Green for $1.13 billion, alleging that the project made the 1.2 million s/f of development rights for the landmarked station “unsellable” and “worthless.”

He also claimed the city violated his property rights by rezoning the area and allowing SL Green to proceed with the project.

According to SL Green, the withdrawal of Penson’s firm, Midtown TDR Ventures, resolves the claims against the Vanderbilt Corridor rezoning amendment and the One Vanderbilt special permit, allowing the project to move forward as planned.

“This is a major milestone for the future of East Midtown, clearing the way for One Vanderbilt to deliver state-of-the-art Class A office space and a $220 million investment in Grand Central’s transit infrastructure,” said Marc Holliday, CEO of SL Green Realty Corp.

“We’re pleased that the new ownership of Midtown TDR Ventures shares our commitment to development in East Midtown and worked with us to quickly reach this agreement. With demolition nearly complete and work already underway on public improvements, One Vanderbilt is well on the way to becoming a reality.”
Once it’s built, One Vanderbilt will be 1,401 feet tall, and will contain 1.7 million s/f of commercial space. SL Green will also invest $220 million in public infrastructure in the area as part of the redevelopment.

The skyscraper will be 1,401 feet tall, and will contain 1.7 million gross square feet of Class A commercial space. Designed by Kohn Pedersen Fox (KPF), One Vanderbilt’s architecture and building materials pay homage to the landmarked Terminal and the surrounding East Midtown business district.

One Vanderbilt features open floor plans, efficient use of space, and the highest level of sustainable design in New York City. As part of the development, SL Green will invest $220 million in public infrastructure in and around Grand Central Terminal.

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