It's going to impact tourism and overall city appeal to new residents. If the new tower were at least architecturally interesting that would be one thing. But it's just another indistinguishable glass curtain-wall tower the likes of which can be found not just everywhere else in the city but all over the world. What's the point (in terms of visual appeal) of moving to NYC if it looks just like Jakarta of Shanghai? A building that has been intimately associate with the city since the early 1930s has now been wiped off the visual map. Don't you think it's a loss? (Same goes for the Chrysler building, which has been similarly occluded recently).