Grand Central Terminal Station 100th Anniversary, New York City, United States

"Is it not cruel to let our city die by degrees, stripped of all her proud monuments, until there will be nothing left of all her history and beauty to inspire our children? If they are not inspired by the past of our city, where will they find the strength to fight for her future? Americans care about their past, but for short term gain they ignore it and tear down everything that matters. Maybe… this is the time to take a stand, to reverse the tide, so that we won't all end up in a uniform world of steel and glass boxes."
Six months prior to the unveiling of the Breuer plans, however, the New York City Landmarks Preservation Commission designated Grand Central a "landmark." Penn Central was unable to secure permission from the Commission to execute either of Breuer's two blueprints and filed suit against the city, alleging a taking. The resulting case, Penn Central Transportation Co. v. New York City (1978), was the first time that the Supreme Court ruled on a matter of historic preservation. The Court saved the terminal, holding that New York City's Landmarks Preservation Act did not constitute a "taking" of Penn Central's property under the Fifth Amendment and was a reasonable use of government land-use regulatory power.
Penn Central went into bankruptcy in 1970 in what was then the biggest corporate bankruptcy in American history. Title to Grand Central passed to Penn Central's corporate successor, American Premier Underwriters (APU) (which in turn was absorbed by American Financial Group). The Metropolitan Transportation Authority (MTA) signed a 280-year lease in 1994 and began a massive restoration. Midtown TDR Ventures, LLC, an investment group controlled by Argent Ventures, purchased the station from American Financial in December, 2006.