NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS - Page 130

NYguy · #**2581** Posted **Dec 24, 2024, 3:42 AM**

^ However you call it, I just think the refined version looks better.

DCReid · #**2582** Posted **Dec 24, 2024, 1:45 PM**

I like the detail on the second version, which I guess is on the right. I just hope they don't pull a 3 WTC tower alteration design change that seemed to be value engineering.

MAC123 · #**2583** Posted **Dec 25, 2024, 2:31 AM**

Are those new renderings? I haven't seen them before. Those terraces are gonne be awesome, roughly around the same height as the One Vanderbilt observation deck but outside.

NYguy · #**2584** Posted **Dec 25, 2024, 2:49 AM**

Quote:

Originally Posted by MAC123

Are those new renderings? I haven't seen them before. Those terraces are gonne be awesome, roughly around the same height as the One Vanderbilt observation deck but outside.

Those are screenshots from a video, they were posted a while back.

MAC123 · #**2585** Posted **Dec 25, 2024, 2:55 AM**

What a beautiful project, in such an amazing area.

NYguy · #**2586** Posted **Dec 25, 2024, 3:13 AM**

Quote:

Originally Posted by MAC123

What a beautiful project, in such an amazing area.

Yes it is. Now let's hope 2025 is the year that finally gets this in motion. I'm feeling very confident. And I must add that I'm also excited for the multiple transit connections and improvements that will come from this project. It will be nice to finally be able to find your way to/from the 4,5,,6 subway station. I'm always disoriented. The public spaces around the building will be welcome as well.

ChiND · #**2587** Posted **Dec 26, 2024, 7:55 PM**

While I think that Blackstone will anchor this, I could also see Amex taking at least a few hundred thousand sf.

Crawford · #**2588** Posted **Dec 26, 2024, 9:21 PM**

Wow, those images are amazing.

I hope Blackstone anchors 175 Park and Amex anchors 2 WTC. We'll see in 2025.

ssh · #**2589** Posted **Dec 26, 2024, 10:06 PM**

Quote:

Originally Posted by Crawford

We'll see in 2025.

Will we though? There hasn't been some concrete news on this proposal for so long, I think we'd be lucky to see it done by 2035 considering the fact that you can book Grand Hyatt rooms for December 2026 as of now.

Crawford · #**2590** Posted **Dec 27, 2024, 12:25 AM**

Quote:

Originally Posted by ssh

Will we though? There hasn't been some concrete news on this proposal for so long, I think we'd be lucky to see it done by 2035 considering the fact that you can book Grand Hyatt rooms for December 2026.

The Grand Hyatt is on a month-to-month lease, so the fact you can book rooms in the future is meaningless.

And I believe you'll see an anchor lease signing in 2025, provided the economy doesn't collapse or a certain someone doesn't start WW3. There's no available Class A space.

NYguy · #**2591** Posted **Dec 27, 2024, 2:30 AM**

Quote:

Originally Posted by Crawford

The Grand Hyatt is on a month-to-month lease, so the fact you can book rooms in the future is meaningless.

And I believe you'll see an anchor lease signing in 2025, provided the economy doesn't collapse or a certain someone doesn't start WW3. There's no available Class A space.

Exactly. I can’t believe people are relying on the fact that you can book a room as some sort of proof nothing will happen. It’s not, as obviously that can change. The developers (RXR) have stated that they believe the tower will start sometime next year. That you aren’t getting a lot of details means nothing. You won’t know who has signed until they have signed. You are not going to get a daily play-by-play of the action concerning progress in that regard. How many updates are you getting on 350 Park, a tower with a tenant developer? Not many. They aren’t in business to appease skyscraper nerds. You will hear something when you hear it, and if you don’t you won’t.

HyperPower · #**2592** Posted **Dec 27, 2024, 5:19 PM**

Quote:

Originally Posted by Crawford

The Grand Hyatt is on a month-to-month lease, so the fact you can book rooms in the future is meaningless.

And I believe you'll see an anchor lease signing in 2025, provided the economy doesn't collapse or a certain someone doesn't start WW3. There's no available Class A space.

This tower got the green-light years ago.. 175 Park Ave will literally have one of the greatest Five-Star hotels in the world and essentially could (but won't) build on spec for the mid and lower tiers as the address is probably the most lucrative on earth next to it's neighbors the Chrysler building & Grand Central.

ChiND · #**2593** Posted **Dec 27, 2024, 5:39 PM**

Quote:

Originally Posted by HyperPower

This tower got the green-light years ago.. 175 Park Ave will literally have one of the greatest Five-Star hotels in the world and essentially could (but won't) build on spec for the mid and lower tiers as the address is probably the most lucrative on earth next to it's neighbors the Chrysler building & Grand Central.

Is the hotel supposed to be a Park Hyatt?

NYguy · #**2594** Posted **Dec 28, 2024, 1:36 AM**

Hyatt will remain to operate the hotel, though under what branding remains unclear. The program has been changed to extended stay, which the city classifies as residential.

Quote:

https://www.hotelinvestmenttoday.com/Fin...s-reasons-for-lowering-net-room-guidance

Quote:

When explaining why Hyatt had to lower its net rooms growth downward (from 5.5-6% to 4-4.5%) as part of its third-quarter earnings, Hyatt Hotels Corp. President and CEO Mark Hoplamazian said part of it was room “slippage” into 2025, but another reason was the company had to kick a higher-than-normal amount of hotels out of its system.

.....Hoplamazian said that the strategy would continue. “Our third quarter results reflect the strength of our asset-light business model,” he said. “While we’ve completed our third disposition commitment, we expect to continue to reduce our hotel ownership with the Hyatt Grand Central New York and Andaz Liverpool Street both remain under contract for redevelopment…. Additionally, we are actively engaged in other discussions and expect to sell more hotels in 2025 and beyond.

https://conferencecalltranscripts.org/summary/?id=550833&pr=true

Quote:

Hyatt Grand Central New York and Andaz Liverpool Street both remain under contract for redevelopment. Upon closing, we will receive significant proceeds from these sales and upon the completion of the redevelopments, we will have magnificent new hotels in each highly desirable location.

ChiND · #**2595** Posted **Dec 28, 2024, 2:21 AM**

Thanks

HyperPower · #**2596** Posted **Dec 28, 2024, 12:41 PM**

Quote:

Originally Posted by ChiND

Is the hotel supposed to be a Park Hyatt?

One would presume it would remain Hyatt Grand Central New York as its already branded as a four-star luxury Hotel. No official release has been documented though

NYguy · #**2597** Posted **Dec 30, 2024, 2:16 AM**

This is already becoming a problem....

https://nypost.com/2024/12/29/business/t...-of-surprises-both-good-and-bad-in-2024/

By Steve Cuozzo
Dec. 29, 2024

Quote:

...Confounding predictions that work-from-home and high interest rates would kill the market for good, Manhattan’s best buildings have so little space available — and so much demand for it — that tenants can’t find room to move or expand.

On Park and Sixth avenues, at the World Trade Center, Brookfield Place, Hudson Yards, Manhattan West, One Vanderbilt, One Bryant Park and other top-tier towers, vacancy is between zero and 10%.

There isn't much available, and we know big leases in the city are always on the move, every year. The problem is, nothing new is getting built without a tenant signing, yet for tenants there's nothing new being built. Somebody is going to blink (as always), and the group of office towers we have waiting to go up (minus 350 Park which has it's tenant) will find takers bedause the options will continue to dwindle for every large lease signed. And the anchor tenants usually get the best floors.

Crawford · #**2598** Posted **Dec 31, 2024, 7:06 AM**

I bet the hotel will be a Park Hyatt. No way they'll have a regular business class hotel in this kind of tower. In Asia and the ME, you see office supertalls with Park Hyatt on the top floors.

The Park Hyatt on 57th has extremely high room rates. Maybe $1,500+ a night on average, so over $2,000 with taxes/fees. And that's on the lower floors of an older building, with minimal views.

mrnyc · #**2599** Posted **Dec 31, 2024, 8:19 PM**

its been known for quite awhile the hyatt will likely stay in the new tower. obviously it will be a nicer version than the scuttle bucket its replacing.

NYguy · #**2600** Posted **Jan 1, 2025, 12:44 AM**

I don't think they could make it any clearer that they will be operating a hotel on site. The only difference is that this will be a more upscale hotel geared towards extended stays (that's what the current plan is).

Quote:

Hyatt Grand Central New York and Andaz Liverpool Street both remain under contract for redevelopment. Upon closing, we will receive significant proceeds from these sales and upon the completion of the redevelopments, we will have magnificent new hotels in each highly desirable location.