Grand Central Terminal Owner Penson Sues NYC Over Air Rights
- Developer SL Green seeks to build nearby office tower
- Penson wants $1.13 billion, claiming illegal zoning deal
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The real estate investor who owns Grand Central Terminal is suing New York City and developer SL Green Realty Corp. over plans to build a huge office tower nearby.
Andrew Penson claims Mayor Bill de Blasio, the City Council and developer SL Green Realty illegally deprived him of air rights worth hundreds of millions of dollars in approving plans for One Vanderbilt, a midtown skyscraper designed to be taller than the Empire State Building. Penson is seeking $1.13 billion from the city and $475 million from SL Green, in a lawsuit filed Monday in Manhattan federal court.