[NYguy]

If I had one bad thing to say about this development, its there goes our view of the Chrysler from the Vanderbilt deck...oh well, at least we'll get some time to enjoy it before anything rises here.


http://austin.culturemap.com/news/re...central-hyatt/

Austin billionaire's historic new investment will transform Manhattan skyline


By John Egan
Feb 7, 2019

MSD Capital is teaming up with New York developer TF Cornerstone Inc. to buy the property, tear it down, and put up about 2 million square feet of new space, including offices, retail shops, and a scaled-down, 500-room Grand Hyatt.

“We look forward to the opportunity to bring a new icon to New York’s skyline and help advance the [city’s] goals for desperately needed new development and infrastructure in East Midtown,” says Jeremy Shell, a principal at TF Cornerstone.

https://www.reuters.com/article/us-n...-idUSKCN1PW2XR

The project marks a further step in the revitalization of east Midtown where a 1,401-foot (427-m) skyscraper, One Vanderbilt, is rising next to Grand Central on its west side, and JPMorgan Chase & Co plans to build a new headquarters nearby on Park Avenue.

State and city approval is required and construction financing must be arranged, the statement said.

The project may deter potential tenants from relocating to Hudson Yards, a district rising on Manhattan’s West Side where a number of marquee companies have decided to relocate.

“This will be a draw for new office tenants and potentially lure tenants away that would have otherwise considered Hudson Yards,” said Myers Mermel, chief executive and co-founder of TenantWise, a real estate research and advisory firm.

“It will re-establish Midtown East as the pre-eminent office district,” he said.

https://www.wsj.com/articles/new-yor...wn-11549567095