In a complaint filed yesterday, the owners of Grand Central terminal accuse New York City of changing the zoning rules to effectively give away their’ “air rights” and other “transferrable development rights” (TDRs), so that a private developer, SL Green, could build a new office tower. The plaintiffs claim that this was a classic “taking” under the Constitution, requiring that they be compensated by over $1 billion:
Continue Reading Grand Central Owners Sue City for Allegedly Giving Away Their Air Rights to Private Developer