Penn Central Plans Massive NYC Real Estate Sale
Penn Central Transportation Co. proposes selling land and buildings in a 10 by 29 block area in midtown Manhattan valued around 1.24 billion dollars. The package includes the Commodore Roosevelt Biltmore and Barclay hotels and 17 parcels plus air rights over Grand Central Terminal, potentially the largest single-owner real estate deal. The sale, covering six skyscrapers and other properties including Waldorf Astoria land, awaits federal court approval under bankruptcy laws. The 17 parcels generate over 21.2 million dollars in annual rentals and the sale is driven by a 100 million dollar federal loan guarantee and the company’s need to dispose of nontransport assets.
MENTIONED IN THIS ARTICLE
Philadelphia
Penn Central Transportation Co
New York City
Grand Central Terminal
Biltmore
Barclay
Waldorf-Astoria
Madison Avenue
Lexington Avenue
42Nd Street
52Nd Street
Texas
Florida
Penn Central
Department of Transportation
New York
Grand Central air rights on market above terminal
The railroad offers 1.7 million square feet of air rights over Grand Central Terminal to builders though the station itself is not for sale. Earlier hints suggested Penn Central might dispose of property as part of reorganizational plans and study of sales or dispositions of subsidiaries and investments.
MENTIONED IN THIS ARTICLE
New York
Grand Central Terminal
Penn Central
Nonrail
Connally to Make Second Plea on Revenue Sharing
Secretary of the Treasury John B. Connally faces Rep. Wilbur Mills in Washington as Mills terms Nixon’s 5 billion revenue sharing plan the most dangerous program yet. Mills argues it weakens states, while Connally defends the proposal as a necessary change. The House voted down a related manpower overhaul 204 to 182, signaling legislative hurdles for Nixon’s broader program. Rep. John W. Byrnes backs tax credits instead, urging states to raise their own funds.
MENTIONED IN THIS ARTICLE
Edmond le Breton
Associated Press
Washington
Nixon
Wilbur D. Mills
Secretary of the Treasury
John B. Connally
Mills
Ing
Congress
Trojan Horse
Connally
House
Ways and Means
John W. Byrnes
Wisconsin
Byrnes
Brunette Color Girl of Middies Chosen at Annapolis
Donna J. Donahue a 22 year old registered nurse from Newton Massachusetts was chosen as color girl at the U S Naval Academy in Annapolis Maryland. She was selected by Midshipman Jack L Conrad of Allentown Pa commander of the winning color company from the brigade of 4200 cadets based on academics military discipline athletics and extra curriculars.
MENTIONED IN THIS ARTICLE
Annapolis
One-Sided Accusation Against General Donaldson
Brig. Gen. John W. Donaldson says the murder charges in Vietnam are based on a one sided report. He asserts faith in the Army and the military judicial system while denying the allegations. Lt. Col. William J. McCloskey is charged in a separate death case. both cases will be reviewed by Lt. Gen. Claire Hutchin of the 1st Army.
MENTIONED IN THIS ARTICLE
Jay Perkins
Associated Press
Washington
U.S
South Vietnam
John W. Donaldson
Joint Chiefs of Staff
Army
Criminal Intelligence Division
Donaldson
United States Army
West Point
Pentagon
Quang Ngai
William J. McCloskey
Americal
11Th Infantry
My Lai
McCloskey
1St Army
Ft. Meade
Virginia
Claire Hutchin
Also Mentioned on This Page
Emma
Tration
Borden
Moore Bros
Capital Pride
Kraft
Jergen’s
Lys
Yoo
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