Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents. It serves as a building block for dopamine and serotonin receptor modulators due to its structural similarity to biologically active indane derivatives. Commonly employed in the preparation of selective monoamine oxidase inhibitors and investigational drugs for neurological disorders such as depression, anxiety, and Parkinson’s disease. Its amine functionality allows for easy derivatization, making it valuable in medicinal chemistry for structure-activity relationship studies. Also utilized in the creation of chiral catalysts and ligands in asymmetric synthesis.