Grand Central Terminal
The "polestar" of regulatory takings jurisprudence is "Penn Central Transp. Co. v. New York City" (1973). In "Penn Central", the Court denied a takings claim brought by the owner of Grand Central Terminal following refusal of the New York City Landmarks Preservation Commission to approve plans for construction of 50-story office building over Grand Central Terminal. Penn Central contended that under the New York Historical Preservation Law, it was entitled to derive a net income from Grand Central Terminal, but the city's regulation had forced it into an indefinite deficit condition. The trial court agreed but its decision was reversed on appeal.