Deal cut to build next to Seagram Building

A slim, new residential tower is going up at 53rd Street and Lexington Avenue. The Landmarks Preservation Commission recently approved transfer of unused development rights from the Seagram Building on Park Avenue to allow for the construction of a hotel-condo tower next-door at the site of the former YWCA at 610 Lexington Avenue. In return, the owners of the Seagram must permanently maintain that building’s modernist exterior. more [NYT]