The construction of a 75-story soaring glass tower adjacent to the Museum of Modern Art became a step closer to reality today after the city's Landmarks Preservation Commission gave their approval for the transfer of development rights necessary for the project to move forward.
The landmarks commissioners unanimously approved the transfer of development rights from two individual landmarks on Fifth Avenue — the University Club and St. Thomas Church — to a site formerly owned by the Museum of Modern Art, more than 500 feet to the west, near Sixth Avenue where the new tower may rise.