Quote:
Originally Posted by NYguy
SL Green came up with the plan as the Bloomberg administration is trying to carry on the rezoning plan of the area around Grand Central, which could give the company the right to construct a 1.4 million-square feet tower. However, Marc Holliday, SL Green's chief executive, in a conference call in July said that the company couldn't anticipate the effect of the zoning plan on the development project. "Certainly we'll have the result of the zoning amendment before we take any material step forward" on the building plan, said Mr.Holliday.
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So, the SL Green Realty Corp has now 1.2 million-square feet from the 41 E. 42nd site. The company can buy rights (1.4 million-square feet) from Grand Central, with a total of 2.6 million-square feet for the new giant office tower, is right?