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

[NYguy]

From the Skyscraper Museum Park Avenue exhibit, the Commodore Hotel and Terminal City....



https://skyscraper.org/the-invention-of-park-avenue/timeline/

[NYguy]

MARCH 9, 2026


A beautiful day in the neighborhood. I know some people have said this tower will overwhelm the Chrysler Building, and surrounding area. I don't see that as being the case. Rather, this is a perfect tower for that place, in that neighborhood.

[ChiND]

Does the federal financing close in June? If so, we probably won’t get any official news before then.

[NYguy]

^ Sometime this year.



https://www.crainsnewyork.com/real-estate/rxr-pitches-grand-central-tower-jpmorgan-clients

RXR pitches Grand Central supertall to JPMorgan clients as company seeks $6.5B in funding


Aaron Elstein
March 10, 2026

Developer RXR is meeting big clients of JPMorgan tomorrow to gauge their interest in investing in a supertall tower from the real estate firm that could rise next to Grand Central Terminal.

The meeting, described as a “field trip” in an invitation from JPMorgan to institutional investors, comes as RXR and partner TF Cornerstone try to line up funding for a 2.9 million-square-foot office building at 175 Park Ave. Developers have told city officials the project would cost $6.5 billion.

The 83-story tower at the corner of East 42nd Street would be as massive as the Empire State Building and lord over the 60-story, 2.3 million-square-foot headquarters building that JPMorgan opened last year amid much fanfare at 270 Park Ave. It would also dwarf the 46-story, 1 million-square-foot tower that BXP is developing next to Grand Central Terminal at 343 Madison Ave.

But 175 Park’s developers are still raising all the money they would need for the enormous undertaking that would replace the Grand Hyatt Hotel.

Two years ago the companies applied for a $4.8 billion loan for the tower from the U.S. Department of Transportation. The office project is eligible for federal assistance because it would include improving the public transit infrastructure underneath. But officials haven’t yet signed off on the loan, according to Nathaniel Sizemore, the federal agency’s director of public affairs.

Securing all the money needed for the ambitious project could hinge on RXR persuading a company to commit to leasing at least 500,000 square feet in 175 Park. So far, however, no tenant has publicly committed to the project. RXR officials said at a January hearing of the New York City Public Design Commission that they expect to begin construction in June.

RXR owns more than 30 million square feet of commercial space throughout the country, including office buildings at 1285 Sixth Ave. and 590 Madison Ave. TF Cornerstone owns more than 12,000 New York apartments and 5 million square feet of commercial space.

Both firms could contribute plenty of their own cash to help fund construction of 175 Park, but they would also still need funding from outside sources. That could explain why RXR and JPMorgan clients are meeting Wednesday at 4 p.m. in a suite at 1 Vanderbilt Ave., SL Green’s recently constructed supertall tower next to Grand Central that, as top office broker Woody Heller noted, is fully occupied.

“I’m not surprised people would be interested in investing in 175 Park given its extraordinary location, its enormous size and scale, and the unprecedented recovery of the office market, particularly for premium new construction,” said Heller, founder of Branton Realty Services.

[ChiND]

I wonder if JPMC has an interest in this tower.



P.S.: The rendering in the Crains article looks like Xing’s.

[NYguy]

Originally Posted by ChiND

P.S.: The rendering in the Crains article looks like Xing’s.

That’s his work.

[ChiND]

Originally Posted by NYguy

That’s his work.

I thought so.

To the extent that RXR is seeking investments from JPMC’s clients, do you think that JPMC has an interest in this tower? I wonder if they bought an office condo.

[chris08876]

Originally Posted by ChiND

I wonder if JPMC has an interest in this tower.

I believe JPMC is trying to build its campus near 270 Park, with the surrounding parcels. I'd imagine 175 Park would undercut that.

[NYguy]

^ Not to mention that the rents will be very high. RXR has already reportedly gotten one tenant to sign at record rents. To have this tower rising along with others (350 Park, 2 WTC, 655 Madison, 871 7th, Extell’s ABC tower, Hudson Yards, and other multiple giants), we will be very busy in the next few years keeping up with this.

[ChiND]

Originally Posted by chris08876

I believe JPMC is trying to build its campus near 270 Park, with the surrounding parcels. I'd imagine 175 Park would undercut that.

I agree, Chris. I was very surprised that JPMC tried to buy The Roosevelt. I thought that 270 and the old Bear Sterns tower met their needs. I’m very pleased that that’s not the case.

P.S.: Do you remember when you, Niko, and I met around 15 years ago in TriBeCa to discuss the new tallest tower that Extell was planning (ie., Central Park Tower)? It’s time for a new tallest!

[ChiND]

Originally Posted by NYguy

^ Not to mention that the rents will be very high. RXR has already reportedly gotten one tenant to sign at record rents. To have this tower rising along with others (350 Park, 2 WTC, 655 Madison, 871 7th, Extell’s ABC tower, Hudson Yards, and other multiple giants), we will be very busy in the next few years keeping up with this.

The amount of construction is absolutely incredible. In addition to all of the huge office and condo projects, something will happen at MSG/Penn, whether GPA or ASTM, and it will transform that site. I hope that Related signs a tenant at HY2 and that gets going this year too.

[NYguy]

https://therealdeal.com/new-york/2026/03/11/rxr-field-trip-set-in-hunt-for-175-park-investors/

RXR, TF Cornerstone “field trip” set in hunt for 175 Park megaproject investors
2.9m SF office project expected to cost $6.5B


Holden Walter-Warner
Mar 11, 2026

Permission slips in hand, the folks at RXR are decamping to One Vanderbilt on Wednesday in a recruiting effort for the developer’s 175 Park Avenue project.

JPMorgan invited its institutional investors in on Wednesday afternoon to be pitched on financing the office development set to replace the Grand Hyatt Hotel, Crain’s reported.

The developers applied for $4.8 billion in federal loans to help fund the project, eligible to pull from a pot among other transportation-related projects seeking money for transit infrastructure. But they haven’t been awarded the money at this point.

The Transportation Infrastructure Finance and Innovation Act and Railroad Rehabilitation and Improvement Financing programs offer projects low-cost financing and payback periods starting at 35 years. There was $30 billion in unused funds available around the time of the 175 Park application.

The 83-story, 2.9-million-square-foot development would be relatively unprecedented in scope and size, even compared to the 343 Madison Avenue project BXP has going next to the transportation hub. That development is 46 stories and 1 million square feet.

[ChiND]

I assume that these articles refer to a lack of a tenant because Rechler hasn't formally disclosed its identity yet. Then again, Mary Ann Tighe confirmed it (also without naming the tenant), and I assume that she was involved in the transaction.

https://hoodline.com/2026/03/jpmorgan-fi...high-175-park-tower-above-grand-central/

JPMORGAN ‘FIELD TRIP’ WOOS BIG MONEY FOR SKY-HIGH 175 PARK TOWER ABOVE GRAND CENTRAL

Damon Caldwell

[Zapatan]

I think it was a rumor (the tenant) but I'm not sure.

6.5B is insane, being skeptical is okay and a defense mechanism against false hope and disappointment.

But maybe NY can pull it off.

[ChiND]

Originally Posted by Zapatan

I think it was a rumor (the tenant) but I'm not sure.

6.5B is insane, being skeptical is okay and a defense mechanism against false hope and disappointment.

But maybe NY can pull it off.

It was not a rumor. Rechler and Mary Ann Tighe said it, and RXR informed the city during a presentation that construction will start in June.

[NYguy]

Originally Posted by ChiND

I assume that these articles refer to a lack of a tenant because Rechler hasn't formally disclosed its identity yet. Then again, Mary Ann Tighe confirmed it (also without naming the tenant), and I assume that she was involved in the transaction.

Yes, they never publicly stated the tenant, and likely won’t until it’s official and complete. In fact, that could even come after the groundbreaking. We know these things take time.

[ChiND]

I get the impression that the government financing will be consummated in June, and all of the announcements will occur then.

In June, we’ll also learn which plan for Penn was chosen.

It’s going to be a big month!

[HappyCapSlapper]

Rechler himself confirmed in Oct 2025 that they have an anchor tenant in hand and expect to close on the fed financing package imminently. Then again he also claimed they would start swinging hammers before EOY 2025, but here we are. There are rumors around who's the potential anchor(s) but nothing concrete.

[NYguy]

Originally Posted by HappyCapSlapper

Rechler himself confirmed in Oct 2025 that they have an anchor tenant in hand and expect to close on the fed financing package imminently. Then again he also claimed they would start swinging hammers before EOY 2025, but here we are. There are rumors around who's the potential anchor(s) but nothing concrete.

Beyond who the actual (nearly) signed tenant is, nothing is said of how much space. The most important thing here is the financing, which will allow the construction to start. The federal financing package is expected to be in place "by" June. RXR still needs financing to fully finance the project ($1-2 Billion) beyond the $5 Billion in federal financing. That's where the recent meeting for investors comes into play.

[HappyCapSlapper]

Originally Posted by NYguy

Beyond who the actual (nearly) signed tenant is, nothing is said of how much space. The most important thing here is the financing, which will allow the construction to start. The federal financing package is expected to be in place "by" June. RXR still needs financing to fully finance the project ($1-2 Billion) beyond the $5 Billion in federal financing. That's where the recent meeting for investors comes into play.

Yup - They're trying to round out the equity stack now. Willing to bet their field trip included a hosting at their show space, which (funny enough) is located at One Vanderbilt and features the exact West facing view of Chrysler they'll be taking away from Marc Holliday