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SL Green Settles Lawsuit Over Grand Central Terminal Air Rights

  • One Vanderbilt tower to proceed as planned, company says
  • Computer mogul Dell bought stake in NYC transit hub last month

A lawsuit that had threatened to derail SL Green Realty Corp.’s construction of a skyscraper just west of New York’s Grand Central Terminal has been settled.

The agreement with the transit hub’s owners eliminates uncertainty surrounding SL Green’s development of its 1,401-foot (427-meter) office tower, One Vanderbilt, the company said in a statement Wednesday. The resolution was reached after Dell Inc. founder Michael Dell’s MSD Capital acquired a stake in the terminal’s private ownership, which had been led by New York investor Andrew Penson.