REAL ESTATE: Penn Central Sells Off

One year after the Penn Central Transportation Co. wheezed into bankruptcy, its court-appointed trustees have put up for sale its blue-ribbon real estate holdings along a ten-block stretch of Madison, Vanderbilt, Park and Lexington avenues in midtown Manhattan. Up for bids is the land under 22 buildings, including the Waldorf-Astoria, the Pan Am Building and the corporate headquarters of ITT, Union Carbide, Manufacturers Hanover Trust Co., Bankers Trust Co. and the Chemical Bank. These companies have leased the buildings, in some cases well into the 21st century, but eventually the buyers of the land will get control of the...

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