Developer Unveils Proposal That Includes Upgrades To Grand Central

NEW YORK (CBSNewYork/AP) -- The developer of a proposed 65-story building near Grand Central Terminal has made the city an offer it may not want to refuse.

SL Green Realty Corp. has offered to spend over $200 million on upgrades to ease congestion at the busy transit hub in exchange for city approval to construct the tower across the street from the terminal, The Wall Street Journal reported.

Three new staircases, a new entrance on 42nd Street to the Times Square shuttle platform and knocking out a wall to create a larger mezzanine near the Lexington Avenue line were among the proposed upgrades.

According to the developer, the upgrades would also result in an additional Lexington Avenue subway train that would run through the station during peak hours.

SL Green said it hopes to receive approval for the project from the City Planning Commission and City Council in April.

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