A rendering of an office tower planned by SL Green Realty, on the corner of 43rd Street and Vanderbilt Avenue in Manhattan. Credit KPF

A little-known investor who owns Grand Central Terminal made a $400 million offer on Tuesday to buy an adjoining block where he plans to build a skyscraper so tall that it would loom over the Chrysler Building.

It is the latest gambit by the investor, Andrew S. Penson, in the long running David-versus-Goliath feud with the owner of the block, SL Green Realty, one of the largest commercial landlords in New York City.

The dispute involves arcane zoning issues, the value of air rights in a city of skyscrapers, a potential lawsuit and, of course, money, lots of it.....Continue Reading

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