 Co. v. New York City", 438 U.S. 104 (1978) the Court denied a takings claim brought by the owner of Grand Central Terminal following refusal of 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.