New York New York State Realty and Terminal Co. - 1922 dated $1,000 5% Gold Specimen Bond - Splits in Paper
Inv# SE2365 Specimen Bond
$1,000 5% Specimen Bond printed by American Bank Note Company. Most coupons remain. Paper split through several coupons.
Terminal City, also known as the Grand Central Zone, is an early 20th-century commercial and office development in Midtown Manhattan, New York City. It was built atop the former Grand Central Station railyard after the New York Central Railroad decided to rebuild the station into Grand Central Terminal. This transformation reshaped the railyard into a below-ground train shed, enabling the construction of roads and skyscrapers on top.
Planning for this development began long before the terminal’s completion. In 1903, the New York Central Railroad established a subsidiary, the New York State Realty and Terminal Company, to oversee construction above Grand Central’s rail yards. Later, the New Haven Railroad joined the venture. Initially, the area was proposed to be named “Pershing Square,” which was later applied to the southern side of Grand Central Terminal. The blocks on the north side of the terminal were later dubbed “Terminal City” or the “Grand Central Zone.”
By 1906, news of the Grand Central plans had already significantly increased the values of nearby properties. In conjunction with this project, the segment of Park Avenue above Grand Central’s rail yards received a landscaped median and was widened to 140 feet. By the time the terminal opened in 1913, the surrounding blocks were each valued at $2 million to $3 million. Terminal City quickly became Manhattan’s most desirable commercial and office district. From 1904 to 1926, land values along Park Avenue doubled, while land values in the Terminal City area experienced a staggering 244% increase. A 1920 New York Times article praised the development of the Grand Central property, describing it as a remarkable achievement that surpassed initial expectations. The terminal boasted hotels, office buildings, apartments, and underground streets, making it not only a functional railroad terminal but also a vibrant civic center.
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