NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS

[NYguy]

https://www.bisnow.com/new-york/news/off...-to-build-65b-manhattan-supertall-127571

RXR and TF Cornerstone want to replace the Hyatt Grand Central New York hotel — which Trump himself developed in 1980 — with a 1,575-foot-tall office and hotel tower. The proposed building would be North America's tallest by roof height, dwarf NYC landmarks like the Empire State Building, and be taller than some of the newest additions to the city's skyline, like JPMorgan Chase’s 60-story headquarters 270 Park Ave., which reaches 1,388 feet.

Because the building is next to Grand Central Terminal and RXR and TF Cornerstone plan to spend around $550M on transit improvements, the project is eligible for the Transportation Infrastructure Finance and Innovation Act and Railroad Rehabilitation and Improvement Financing program.

The U.S. Department of Transportation programs, after the passage of the infrastructure law, can provide funding for private developments within a half-mile of commuter and intercity rail stations. They function as low-cost financing for projects, offering borrowers the chance to take 35 years or more to pay off the loan.

But RRIF and TIFIA are largely untapped, with around $30B in unused funds in RRIF alone, BI reported.

That may be related to the onerous qualification process for developments, which need to pass a federal environmental review in addition to receiving investment-grade credit ratings from a major ratings agency to be eligible.