SL Green Realty CEO Says NYC’s Next Frontier Is Vertical

Anchin in the NewsFebruary 16, 2018Published by
SL Green Realty CEO Says NYC’s Next Frontier Is Vertical

The Anchin Construction & Development Forum keynote speaker Marc Holliday emphasizes One Vanderbilt salutes the success of New York.

Richard Anderson, the president of RTA Advisory Services, a private firm specializing in government relations and strategic industry planning, interviewed Holliday for the keynote discussion at Anchin’s Construction & Development Forum on Thursday. The event was held at 7 World Trade Center.

Anderson noted that private development is outrunning public infrastructure.

Holliday agreed. However, in this project, SL Green is paying $220 million to build transit and pedestrian public improvements as part of the development. Grand Central Terminal will expand underground westward to One Vanderbilt. This will alleviate congestion from the subways and Metro North and also provide for the Long Island Rail Road, estimated to serve more than 100,000 new commuters. There will be newly constructed railroad platforms that connect to One Vanderbilt.

Commuters at Grand Central Terminal will benefit from SL Green’s creating ingress and egress on the east side. Additional 4, 5, and 6 subway trains will be able to go through the station. SL Green will also create a pedestrian plaza between 42nd and 43rd streets at the foot of Grand Central.

Will cities require transportation or financial contributions for large scale developments? Anderson asked if the project at One Vanderbilt will set a precedent for the future.

“I hope it does. We’ll see,” said Holliday. “It was, in my mind, partly a blueprint for how responsible development should take place in the city going forward.” He added the primary risks for any developments are scheduling and cost overruns. These risks were transferred from the city to SL Green, which has responsibility for the ultimate costs of the transportation improvements.

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