The Real Deal New York

SL Green’s $210M improvements plan met with criticism

Developer said it will break down Grand Central Terminal spending next month

September 12, 2014 12:40PM

Rendering of SL Green's planned Grand Central overhaul

Rendering of SL Green’s planned Grand Central overhaul

Midtown residents are pushing for SL Green to divulge how it arrived at $210 million in proposed spending on Grand Central Terminal improvements as part of its 65-story office tower project One Vanderbilt.

A community board meeting Tuesday saw angry residents and board members seeking the breakdown of individual improvements. SL Green said it would be more specific during the public-review process set to kick off next month. The developer’s attorney Stephen Lefkowitz said the improvements emphasized quality, not quantity, and that the cost of individual items would not reflect the overall boon to the public.

“We are proud to make an unprecedented investment in the public realm in and around Grand Central, and responsive to the community board’s request this week, we will provide a breakdown of all of the public improvements as part of the upcoming formal public review process,” Robert Schiffer, SL managing director, told the Wall Street Journal. [WSJ]Mark Maurer

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