![]() The buildings that were demolished were built around the same time as Grand Central, albeit unimportant to the station's function. ![]() In 2015, demolition at the site of One Vanderbilt began, starting the construction process of the skyscraper. That lawsuit was settled in August 2016, when Midtown TDR Ventures agreed to drop the suit in exchange for an undisclosed sum. Penson subsequently sued the city and SL Green for $1.1 billion. ![]() In February 2015, Vanderbilt Avenue, between 42nd and 47th Streets, was rezoned under the Vanderbilt Corridor Rezoning Text Amendment, which allows redevelopment on the corridor. The developer rejected the offer, calling it a "publicity stunt" because it valued the air rights at $600 per square foot, nearly 10 times the $61 per square foot ($660/m 2) Penson paid for it when he bought the station in 2006. Penson proposed a deal under which SL Green would pay $400 million for 1.3 million square feet (120,000 m 2) of air rights and spend another $210 million to build transportation improvements for the subway and commuter rail stations below. In its September 2014 proposal to the city, SL Green proposed to pay $400 per square foot for the air rights, then build a 1,500-foot (460 m), 67-story building, twice as big as the zoning rules permitted. When plans for One Vanderbilt were publicly announced, Andrew Penson-the founder of Midtown TDR Ventures, which owned the land under Grand Central Terminal-threatened to sue for $1 billion in a dispute concerning the air rights above the terminal's underground tracks. A projected completion date of 2020 was revealed in December 2014. One Vanderbilt also received unanimous approval from the New York City Council in May 2015. Since Grand Central Terminal was a New York City designated landmark, the New York City Landmarks Preservation Commission had to decide whether to endorse new development around the terminal, giving such approval in July 2014. Under plans released in May 2014, the skyscraper was to be 65 stories high, and the proposal came with transit improvements to Grand Central as well as a new 14,000-square-foot (1,300 m 2) pedestrian area on Vanderbilt Avenue between 42nd and 43rd Streets. Bloomberg's plans for an entire district of new high-rises were rejected in November 2013 because residents, preservationists, and local politicians complained about the prospective influx of office workers to the area, but the One Vanderbilt project moved ahead. Meanwhile, the administration of mayor Michael Bloomberg sought to redevelop the 73 blocks adjacent to Grand Central Terminal, and rezoned them in September 2013, allowing unused air rights above Grand Central Terminal to be transferred to developments on these blocks. The 1.6-million-square-foot (150,000 m 2) skyscraper's roof is 1,301 feet (397 m) high and its spire is 1,401 feet (427 m), making it the city's fourth-tallest building after One World Trade Center and the under-construction Central Park Tower and 111 West 57th Street. The tower topped out on September 17, 2019, two months ahead of schedule, and the building opened in September 2020. Proposed by New York City mayor Bill de Blasio and developer SL Green Realty as part of a planned Midtown East rezoning in the early 2010s, the tower stands immediately west of Grand Central Terminal.Ī groundbreaking ceremony for One Vanderbilt was held in October 2016. One Vanderbilt is a 67-floor supertall skyscraper at the corner of 42nd Street and Vanderbilt Avenue in midtown Manhattan, New York City.
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