{"id":1004150052,"date":"2016-08-15T09:30:50","date_gmt":"2016-08-15T17:30:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150052"},"modified":"2020-05-11T22:57:10","modified_gmt":"2020-05-12T06:57:10","slug":"sl-green-midtown-tdr-settle-one-vanderbilt-lawsuit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-midtown-tdr-settle-one-vanderbilt-lawsuit\/","title":{"rendered":"SL Green, Midtown TDR Settle One Vanderbilt Lawsuit"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004146439\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004146439\" data-attachment-id=\"1004146439\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tishman-tapped-as-general-contractor-for-one-vanderbilt-in-manhattan\/one-vanderbilt-in-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg\" data-orig-size=\"1172,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Vanderbilt in Manhattan\" data-image-description=\"&lt;p&gt;One Vanderbilt in Manhattan&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;One Vanderbilt in Manhattan&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg?w=1024\" class=\"wp-image-1004146439 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg\" alt=\"One Vanderbilt in Manhattan\" width=\"300\" height=\"205\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg 1172w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg?resize=300,205 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg?resize=768,524 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/One-Vanderbilt-in-Manhattan.jpg?resize=1024,699 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004146439\" class=\"wp-caption-text\">One Vanderbilt in Manhattan<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/slgreen.com\/about\/\" rel=\"nofollow\" target=\"_blank\">SL Green Realty Corp.<\/a> has reached an agreement with Midtown TDR Ventures to drop the litigation regarding SL Green\u2019s One Vanderbilt office tower, <a href=\"https:\/\/www.commercialsearch.com\/news\/tishman-tapped-as-general-contractor-for-one-vanderbilt-in-manhattan\/\" target=\"_blank\">currently under construction<\/a> in Midtown Manhattan. The settlement thus resolves the legal claims against SL Green and the city of New York asserted by Midtown TDR regarding the rezoning amendment and special permit for the 58-story tower.<\/p>\n<p>Midtown TDR, led by Andrew Penson, who acquired Grand Central Terminal back in 2006, filed the $1.1 billion suit last year, arguing that the City Council, Mayor Bill de Blasio and SL Green deprived him of his property rights by allowing the tower to be constructed, <em><a href=\"https:\/\/www.nytimes.com\/2015\/09\/29\/nyregion\/owner-of-grand-central-sues-developer-and-city-for-1-1-billion-over-air-rights.html\" rel=\"nofollow\" target=\"_blank\">The New York Times<\/a><\/em> reported at the time. Penson sought to get $1.13 billion from the city of New York and $475 million from developer SL Green, claiming that the project should not have received the green light without first acquiring the air rights from him.<\/p>\n<p>\u201cThis 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\u2019s transit infrastructure,\u201d Marc Holliday, SL Green CEO, said in a statement. \u201cWe\u2019re 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.\u201d<\/p>\n<p>Construction of the 1,401-foot tall skyscraper will now move forward as planned, scheduled for completion in 2020.<\/p>\n<p><em>Image courtesy of Kohn Pedersen Fox<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Construction on the $1 billion, 58-story office tower will move forward as planned.<\/p>\n","protected":false},"author":192,"featured_media":1004146439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1600,21742,10,21747],"tags":[],"class_list":["post-1004150052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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