City Officials Break Ground at One Vanderbilt. Image Credit: Office of the Mayor

City Officials and developer broke ground on the new One Vanderbilt office building and $220 million transit upgrade of Grand Central. On October 18, 2016, Mayor Bill de Blasio, Manhattan Borough President Gale Brewer, Congresswoman Carolyn Maloney and Council Member Dan Garodnick joined the developer SL Green for the on-site groundbreaking ceremony. The new office tower will reach 1,401 feet and cover the city block west of Grand Central. The tower is expected to achieve LEED gold certification and contain 1.7 million-square-feet of office space across 58 floors. The One Vanderbilt project met resistance at the Community level but was ultimately approved by City Planning and the City Council with additional concessions by the developer. See CityLand’s previous coverage here and here. (read more…)

Pershing Square in Manhattan. Image Credit: LPC

Designations opposed by developers and hoteliers; transit advocates expressed concern that landmarking would prevent improved subway infrastructure and access. On July 19 2016, the Landmarks Preservation Commission held hearings on the potential designations of five possible individual landmarks in the East Midtown area of Manhattan. Twelve items in total were identified by Landmarks as significant historic and architectural resources, as part of the mayoral administration’s Greater East Midtown plan. The plan to revitalize the area is intended to strengthen its position as a commercial district. The plan is expected to entail rezoning for greater density, improvements to transit and public spaces, and funding commitments for improvements and economic growth projects, in addition to the preservation of landmark-worthy fabric. Various stakeholders, including elected officials, business and real estate interests, and labor organizations are informing the plan, and a steering committee released a final report in 2015. (read more…)

Architect’s rendering of One Vanderbilt Place and Grand Central Terminal. Image credit: Kohn Pedersen Fox Associates

Owner of Grand Central Terminal claims violation of property rights, seeks $1 billion in damages.  On September 28, 2015, Andrew Penson—the owner of Grand Central Terminal in the Midtown East neighborhood of Manhattan—initiated a lawsuit against New York City for allegedly unlawfully taking Grand Central’s air rights from him for the benefit of SL Green Realty Corporation without just compensation, which is a violation of the Fifth Amendment of the United States Constitution.  The complaint was filed with the United States District Court in Manhattan and seeks $1.13 billion in damages.

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Architect’s rendering of One Vanderbilt Place and Grand Central Terminal. Image credit: Kohn Pedersen Fox Associates

Proposal returns to City Planning with additional infrastructure improvements.  On May 5, 2015 the City Council Subcommittee on Zoning and Franchises voted to modify and approve the proposed One Vanderbilt skyscraper project and Vanderbilt Corridor rezoning plan.  (See previous CityLand coverage here.) The proposal as approved now includes a second transit hall on 42nd Street and Vanderbilt Avenue, as well as a 22 percent increase in the below-grade pedestrian space. The below-grade increase allows for direct transfer between subway riders and the future East Side Access extension of the Long Island Railroad without having to go up through Grand Central’s main concourse first. The modifications amount to an extra $10 million in infrastructure improvements, increasing developer SL Green’s total investment cost to $220 million after earlier modifications by the City Planning Commission.

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Councilmember Dan Garodnick led the questioning on the One Vanderbilt proposal. Image credit: William Alatriste / New York City Council

Representatives of the project and the Department of City Planning spoke during a four-hour hearing.  On April 13, 2015 the City Council Subcommittee on Zoning and Franchises held a public hearing on One Vanderbilt, a proposed 1,450-foot commercial tower in East Midtown, as well as an accompanying proposal to rezone five blocks of Vanderbilt Avenue to create the Vanderbilt Corridor.  The building will be located adjacent to Grand Central Terminal, bounded by East 42nd Street to the south, East 43rd Street to the north, Madison Avenue to the west, and Vanderbilt Avenue to the east.  The rezoning intends to facilitate commercial development on the west side of Vanderbilt Avenue between East 42nd and East 47th Streets, and designate Vanderbilt Avenue between East 42nd and East 43rd Streets as a public pedestrian space.  As a part of the overall proposal, project applicant SL Green will invest $210 million in transit and infrastructure improvements to Grand Central.

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Architect’s rendering of One Vanderbilt Place and Grand Central Terminal. Image credit: Kohn Pedersen Fox Associates

The application seeks to rezone five blocks along Vanderbilt Avenue to permit construction of a new commercial tower.  On March 30, 2015 the City Planning Commission approved SL Green’s proposal to build One Vanderbilt, a 1,450-foot commercial tower, and establish the five-block Vanderbilt Corridor.  The building will be located on the block adjacent to Grand Central Terminal, bounded by East 42nd Street to the south, East 43rd Street to the north, Madison Avenue to the west, and Vanderbilt Avenue to the east.  The rezoning will affect the west side of Vanderbilt Avenue between East 42nd and East 47th Streets to facilitate commercial development and designate Vanderbilt Avenue between East 42nd and East 43rd Streets as a public place for pedestrian use.  As a part of the rezoning and construction proposal, SL Green will invest $210 million in transit and infrastructure improvements to Grand Central.

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