SL Green in Pact With NYC Officials on Midtown Skyscraper
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SL Green Realty Corp. reached an agreement with New York City Councilman Dan Garodnick and other officials that the company expects will allow it to build a skyscraper near Grand Central Terminal in midtown Manhattan.
Garodnick said he supports the real estate investment trust’s proposal for 1 Vanderbilt, a 1.6 million-square-foot (149,000-square-meter) tower on Vanderbilt Avenue, and zoning changes to the area that would be needed. As part of the project, SL Green plans to invest $220 million for transit upgrades near Grand Central. With approval of the full City Council, the tower could be completed by 2020, SL Green Chief Executive Officer Marc Holliday said.