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| | PENN CENTRAL v. CITY OF NEW YORK (Site not responding. Last check: 2007-10-09) |
 | | The landmark preservation provisions of the Administrative Code of the City of New York, as applied to Grand Central Terminal to prohibit the building of an office tower over the existing building, do not violate the due process clause of the Constitution since the plaintiff property owners are not deprived of all reasonable return. |
 | | Plaintiffs, Penn Central Transportation Company and its affiliates, who have a fee interest in Grand Central Terminal, and UGP Properties, Inc., lessee of the development rights over the terminal, seek a declaration that the landmark preservation provisions of the Administrative Code of the City of New York, as applied to the terminal property, are unconstitutional. |
 | | Moreover, in this case, the challenged regulation provides Penn Central with transferable above-the-surface development rights which, because they may be attached to specific parcels of property, some already owned by Penn Central or its affiliates, may be considered as part of the owner's return on the terminal property. |
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