Posted Oct 2, 2019, 2:29 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,912
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https://commercialobserver.com/2019/...ic-and-beyond/
Jeremy Shell
BY CHAVA GOURARIE
SEPTEMBER 25, 2019
Quote:
Let’s take a break from Queens for a second. What’s going on with the Grand Hyatt project next door to Grand Central?
Fortunately for us, we had some early wins after the Midtown East rezoning. We acquired Grand Central Terminal, and the air rights. We were able to transact with J.P. Morgan, sold them some air rights to facilitate the development of their new headquarters. And we also [picked] up the Grand Hyatt site.
We’re very excited about what we’re planning there — we’re planning to bring back a Hyatt hotel at the base of a 2-million-square-foot commercial office building.
This is going to be a process that will involve a lot of stakeholders, and we’re actively working with them — including the MTA, the city and the state — and that’s a process that will take a while. But we’re really excited about advancing that with partners that we have on that, one of which we brought in earlier this year, RXR Realty; they’ll be our co-developer on the project.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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