Grand Central's construction thus produced several blocks of prime real estate in Manhattan, stretching from 42nd to 51st Streets between Madison and Lexington Avenues. Wilgus was the first to realize the potential of selling air rights, the right to build atop the now-underground train shed, for real-estate development. At the same time, chief engineer William J. The railroad owner, the New York Central and Hudson River Railroad, wished to increase capacity of the station's train shed and rail yards, and so it devised a plan to bury the tracks and platforms and create two levels to its new train shed, more than doubling the station's capacity. Terminal City originated as an idea during the reconstruction of Grand Central Terminal from the old Grand Central Station from 1903 to 1913. 1910 1917 map of underground passageways between new buildings surrounding Grand Central History Sketch illustrating the train shed and available lots to build on, c. 299 Park Avenue – Park Lane Hotel successor.277 Park Avenue – 277 Park Avenue successor.270 Park Avenue (2021–present) – Hotel Marguery and Union Carbide Building successor.Union Carbide Building – Hotel Marguery successor.383 Madison Avenue – Knapp Building successor.245 Park Avenue – Grand Central Palace successor.
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