Crains posted this, which suggests that there would be an entrance on 7th, but the tower would rise on the DD and Moishe’s Luggage sites on 168 snd 170 W 48th.
In fact, I quickly looked at the DD and Moishe’s Luggage sites on ACRIS, and they seem to be owned by the same entity that owns 711 7th. (I looked at ACRIS late at night and after several glasses of wine, so my perception may have been flawed.)
Anyway, I can't tell if the Edition Hotel on the corner of 47th is what's shown in the right, and the tower portion of the new hotel sits entirely on 48th or if this whole thing is the new hotel. If so, it would be an L-shape with part on 7th and part on 48th.