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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. https://ny.curbed.com/2013/2/25/10270414/i-m-peis-circular-tower-that-almost-replaced-grand-central
B. “How Grand Central Terminal, a NYC landmark for 50 years, was saved from destruction” by Amy Plitt. Curbed New York. 2017. https://ny.curbed.com/2017/8/2/16082666/grand-central-terminal-landmarks-preservation-commission-midtown-east
C. “Grand Central Tower Will Top Pan Am Building” by Glenn Fowler. 1968. https://timesmachine.nytimes.com/timesmachine/1968/06/20/77307448.html?pageNumber=1
D. Marcus, N. (1979). The Grand Slam Grand Central Terminal Decision: A Euclid for Landmarks, Favorable Notice for TDR and a Resolution of the Regulatory/Taking Impasse. https://doi.org/10.15779/z380c06
E. Ibid.
F. East Midtown Rezoning. City of New York. https://www1.nyc.gov/assets/planning/download/pdf/plans/east-midtown/east_midtown.pdf
G. “With $240 Million Deal, Floodgates Open for Air Rights in Midtown East” by Charles V. Bagli. 2018. https://www.nytimes.com/2018/03/02/nyregion/jp-morgan-chase-midtown-east-air-rights.html
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