Daily News from New York, New York • 121

"Around the U.S., people consider developers just a cut above A 1 ry cattle rustlers." G. Ware Travelstead 1- i- k. fc- Monday, October 16, 1989 29 iwin i mwtwn nmninnmnnrMn- in arm rum I i 111 IMWMMMUIMipllll M.I.illi.lMi...liil 1.0 on it iinrr QQloj 1 By ROXANNE DONOVAN Amazing, Grace W.R. Grace Co. won a school asbestos jury trial of a $21 million lawsuit brought against it by a high school over the school's planned removal of asbestos-containing lowering infernal: developer materials.

Grace said costly removal of small, contained amounts of asbestos is unwarranted. A plaque on its house The University of Pennsylvania's Wharton School said it will replace a plaque honoring indicted junk-bond financier Michael Milken that was stolen from its alumni "hall of fame." On the waterfront Inter-Continental Hotels based in Montvale, N.J., is planning a 613-room luxury hotel on the waterfront in Japan, just south of Tokyo. Wretched express A group of air express companies, biiiis pi Icisfel v---: 'ViiJ rnr- IIJIUJLft.t,.-1-n-wJZ including DHL Airways Federal Express Corp. and TNT Skypak is suing the U.S. Postal Service because they said the agency's low rates for overseas delivery represents "unfair and illegal competition." Port In a storm A Virginia company may take over the floundering Port of Albany to salvage up to 200 longshoremen's WHATEVER'S RIGHTS: "Who in their right mind would want to build over Grand Central Terminal?" asks G.

Ware Travelstead. "Who would want to be dragged through the press for building above a structure that has so much emotional pull? Well, that is our last resort" Mron msmuuodailvnews jobs lost when the facility's two main By ROXANNE DONOVAN Daily News Business Writer If G. Ware Travelstead has his way, a 30-story tower will crown Grand Central Terminal and developers everywhere will move up a few steps on the scale of evolution. "Around the U.S., people consider developers just a cut above cattle rustlers," said Travelstead, who as chairman of The Travelstead Group builds and finances real estate. "But in New York City, no matter how responsible you try to develop, it can be hugely frustrating." And Travelstead is hugely frustrated: He spent nearly six years trying to build an office tower near-Grand Central using air rights from the terminal.

In August, the city Planning Commission, following the lead of the community board and basing its decision on legal considerations, shot him down. "That was my greatest sorrow," said Travelstead, who keeps a model of the rejected 72-story 383 Madison Ave. building outside his office. "But those air rights are there. They have to be dealt with.

They are not just going to go away." one disputes the existence of the air rights or developable air space above a structure that come from the network of train tracks and space inside and under Grand Central. In fact, the U.S. Supreme Court ruled in 1978 that the air rights could be used to build above the terminal or could be transferred to another site in the area. In 1982, Travelstead and his partners in 383 Madison-Avenue Associates, the First Boston Corp. and an anonymous European investor, bought one such eli- shippers left this year.

De-fense! 0e-fensol IBM Boeing Co. and Grumman Corp. were among the companies awarded defense contracts. Title holder TRW Inc. has reached agreement in principle with Title USA Insurance Corp.

to acquire its subsidiary, Title USA Insurance Corporation of New York. Terms were not disclosed. Title USA of New at realistic rents. Travelstead, who also is building a hotel and office complex at the Olympic Village in Barcelona, Spain, said he is all too used to skeptics of development in New York. 'There is nobody home at the city now with enough vision and courage to stand up for these projects and acknowledge that the city will need these buildings in the next 10 years," he said.

Sylvia Deutsch, chairwoman of the city Planning Commission, said her office is completing a report, due "within weeks," that would include a guide for developing air rights in the Grand Central area. Travelstead said: "I like to create things, not be involved in controversy. But now that I am involved in this project I am committed to seeing that the Grand Central air rights are choose what he considers the only alternative. "Who in their right mind would want to build over Grand Central Terminal? Who would want to be dragged through the press for building above a structure that has so much emotional pull?" Travelstead said, shaking his head. "Well, that is our last resort" He said he is prepared to build a 30-story, 1.5 million-square-foot tower above the terminal that would not interfere with the current landmarked structure.

In fact, Travelstead said, he will follow original design plans for the tower from 1910, so preservationists would find the tower compatible with the present structure. Skeptics from the real estate industry insist the cost of such a project would be so high that the building wouldn't be able to lease gible site and then agreed to spend more than $80 million to buy 1.5 million square feet of Grand Central air rights from Penn Central Transportation Co. "The transfer of air rights is a hard concept to get across," Travelstead said. "But the absolute right in law exists for three things to happen: build a huge tower directly over Grand Central, transfer those rights to another site or have the city acquire those air rights themselves." Travelstead's group chose the second option, and planned a 72-story tower, which resembles a lace needle, for its Madison Ave. site.

The Planning Commission, finding outstanding "issues of eligibility and merit," could not approve the plan. So, Travelstead says he is reluctantly prepared to York currently provides title insurance services in 26 states. Glass eyed Vitro SA, the Mexican glass company, said it has signed a definitive agreement to buy Anchor Glass Container Corp. and Latchford Glass Co. for about $900 million.

No Maz, no Maz For the second time in less than two years, the two most senior American officials at Mazda Motor culture-shocked U.S. manufacturing plant have resigned A ucrd of csntfon from bonders dscai this time to be replaced by Japanese officials. Gloom at the top Economic growth in 1990 will slump to its slowest pace in eight years with an outright recession a distinct threat unless the Federal Reserve lowers interest rates, the ly to leveraged buyout financing as a source of lucrative fees. In fact, say analysts, some large banks are as heavily involved in LBO lending as they are in Third World debt If ail of the LBO lending went sour at once, a number of large banks would be insolvent -The AP lines that triggered the stoek market drop. Worry among traders that banks had become more wary of buyouts caused stocks of companies targeted for takeover to tumble.

Large banks, as profits in their traditional business of commercial lending fell, have turned increasing WASHINGTON Bankers at their annual convention said yester-; day the Friday the 13th stock plunge may be a blessing in disguise if it instills a new sense of caution about highly leveraged corporate buyouts. It was a snag in bank financing for an employe buyout of United Air- nation's top business executives forecast The Business Council is composed of the chief executives of 100 of the country's largest corporations..