Why is the air above Grand Central worth millions?
October 11, 2018
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8:25Now PlayingWhy is the air above Grand Central worth millions?
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This video is about Grand Central Station here in New York City. But not really the station itself, but the air above it. You can’t put a price on the station, a priceless architectural treasure, but you can put a price on the air up there. In fact, that air is worth $250 million dollars. This video is all about the idea of transferrable development rights and how you can pull $250 million dollars out of thin air.
Sources:
A. “I.M. Pei's Circular Tower That Almost Replaced Grand Central” by Jessica Dailey. Curbed New York. 2013.
B. “How Grand Central Terminal, a NYC landmark for 50 years, was saved from destruction” by Amy Plitt. Curbed New York. 2017.
C. “Grand Central Tower Will Top Pan Am Building” by Glenn Fowler. 1968.
D. Marcus, N. (1979). The Grand Slam Grand Central Terminal DecisionA Euclid for Landmarks, Favorable Notice for TDR and a Resolution of the Regulatory/Taking Impasse.
E. Ibid.
F. East Midtown Rezoning. City of New York.
G. “With $240 Million Deal, Floodgates Open for Air Rights in Midtown East” by Charles V. Bagli. 2018.
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