at 620 Eighth Avenue. McGraw-Hill then announced its intention to develop additional stories atop the Port Authority Bus Terminal annex, being built immediately to the east, but the plan did not come to fruition. The company was unable to expand to the west because the post office was there. Ultimately, McGraw-Hill announced in 1967 that it would construct a new headquarters at 1221 Avenue of the Americas, one of the "XYZ Buildings" at Rockefeller Center. McGraw-Hill sold 330 West 42nd Street to C. Russell Feldmann in 1970. The sale price was subsequently reported at $15 million. Although Feldmann wanted to convert the building into office space, his financial troubles led McGraw-Hill to retake the property in February 1973 to satisfy an unpaid mortgage of $11.1 million, netting McGraw-Hill a profit of $4 million. Late 20th century McGraw-Hill moved to 1221 Avenue of the Americas in 1972. Its old headquarters at 330 West 42nd Street was placed for sale at under $15 million, less than ten percent of the $175 million construction price of its new building. Despite the relatively low price, 330 West 42nd Street stood vacant for three years, during which only a maintenance crew of ten workers was staffed in the building. The vacancy was attributed to developers' reluctance to take space on West 42nd Street, which was considered "tawdry", and the decline in the general neighborhood. During this time, McGraw-Hill lost $650,000 per year on maintenance and taxes for the vacant building. The building was purchased in late 1974 by medical insurance company Group Health Inc. (GHI) for $5.5 million, becoming the GHI Building. At the time, GHI was headquartered at 230 West 41st Street, one block west, but urgently needed another . Through the end of the 1970s, the building was only one-third occupied, with most of that space being taken by GHI. The rundown character of the Hell's Kitchen neighborhood meant that rent at 330 West 42nd Street was relatively cheap and, thus, the office space was taken by organizations like the 42nd Street Development Corporation. Following lobbying from that organization, the LPC designated 330 West 42nd Street as a city landmark on September 11, 1979, and the building was listed on the National Register of Historic Places on March 28, 1980. 330 West 42nd Street was taken over by Newmark & Company in February 1980, although GHI remained in the building. The new owners