I fully support landmarking buildings -- it's in the public interest, for future generations, and I still lament the loss of the old Penn Station. And many times (usually?) it's uncontested -- current owners find value in its historical authenticity, and any future buyer is well aware they can't change it. BUT -- in the case of a functioning business that has no need for the status and finds it harmful for business r…
For example, if I were the Strand owner and I thought of building a 100 story condo complex on top of the existing Strand bookstore, then I tell NYC, “Either you need to pay me a few hundred million or I will build this complex on the landmark.”
Wouldn’t that just incentivize wealthy owners to buy up landmarks to hold them for ransom against the city, which seems contrary to the function of landmarks?