NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,575 FT | 86 FLOORS

[Eidolon]

New York’s Grand Hyatt Hotel to Be Torn Down
Developers plan to replace the hotel with a mixed-use tower totaling 2 million square feet
By Josh Barbanel
Feb. 7, 2019

A development group has agreed to buy and tear down the Grand Hyatt New York, the glass-sheathed hotel by Grand Central Terminal that was Donald Trump’s first major Manhattan development, and replace it with a mixed-use project.

TF Cornerstone, a Manhattan developer, and MSD Partners, which manages the assets of Dell Technologies founder Michael Dell and his family, said they plan a new development totaling about 2 million square feet, which will include offices, retail and a new, scaled-down Grand Hyatt. They said the project would require the approval of the city and the state. It isn’t clear when demolition would begin or how tall the building would be.

It will be the fourth major tower planned or under development in east Midtown where the city rezoned the area in 2017 to encourage new office buildings there, along with transit and street improvements.

“It is solidifying that neighborhood’s pre-eminence as a business district for the 21st century,” said Alicia Glen, an outgoing deputy mayor who oversees housing and economic development, and who spearheaded the midtown rezoning.

To create such a large tower, the developers said they would use the remaining development rights, known as air rights, from Grand Central Terminal that they purchased in 2016 for an undisclosed amount.

Looking forward to this!



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Adding Renderings on February 2, 2021

[Zapatan]

2 Million SF?

Yes please

[jackster99]

Someone please correct me if I'm wrong, but One Vanderbilt is 1.2 million square feet correct?

And both One Vanderbilt and this are roughly the same size lots I think, so yah, wow...this could be considerably taller

[Hudson11]

the big concern that will draw a lot of hubbub is the proximity to the Chrysler Building. I hope they use a design that leans or set backs from 42nd street, to maximize views of Chrysler. Maybe something like the Leadenhall Building in London:


122 Leadenhall Street London by David Bank, on Flickr

Also, this is a very large building. 2 million SF sounds like a lot, but depending on the footprint, it may not reach supertall territory. Another reason to hope for a setback.


Chrysler Building and Grand Hyatt New York at night by RJ DiBella, on Flickr

[Crawford]

So this makes four announced supertalls from the Grand Central rezoning- One Vanderbilt, Tower Fifth, Chase HQ, and Grand Hyatt. And the three where we have specs are 1400 ft.+

Then there's the Pfizer site, the MTA HQ site, the Roosevelt hotel site, and a half dozen or so sites along Park, and a few sites along Lex and 3rd. We could easily have a dozen neighborhood supertalls within a few years.

[JMKeynes]

[chris08876]

Great news. Future looks tall!

[Zapatan]

Originally Posted by Hudson11

the big concern that will draw a lot of hubbub is the proximity to the Chrysler Building. I hope they use a design that leans or set backs from 42nd street, to maximize views of Chrysler. Maybe something like the Leadenhall Building in London:

Also, this is a very large building. 2 million SF sounds like a lot, but depending on the footprint, it may not reach supertall territory. Another reason to hope for a setback.

The Chrysler building has had its time in the sun, it's not going anywhere. One Vanderbilt which is also much taller is pretty close too, although perhaps not quite as much.

2MSF for mixed use could pretty easily reach supertall territory but we shall see.

[JMKeynes]

Cravath is looking for 600K sf. This would be a good location!!!

[NYguy]

When I first read the article in the Post, it was like I was dreaming...

https://nypost.com/2019/02/07/donald...-be-torn-down/

The glass-sheathed tower — Donald Trump’s first major Manhattan project — is being bought out by developers who plan to raze it and replace it with a 2-million-square foot mixed-use space.

The developers already own the air rights from Grand Central Terminal, which they purchased in 2016, and say they would use them to build the large tower.

Look out Hudson Yards, Midtown east strikes back.

[NYguy]

Originally Posted by jackster99

Someone please correct me if I'm wrong, but One Vanderbilt is 1.2 million square feet correct?

And both One Vanderbilt and this are roughly the same size lots I think, so yah, wow...this could be considerably taller

I think Vandy is closer to 1.4 or 1.6 msf, or zoning square ft. The new tower wouldn't have the same design, or exact height. But imagining two major new towers above Grand Central brings this to mind...






Even this doesn't seem as far fetched...

[NYguy]

If I had one bad thing to say about this development, its there goes our view of the Chrysler from the Vanderbilt deck...oh well, at least we'll get some time to enjoy it before anything rises here.


http://austin.culturemap.com/news/re...central-hyatt/

Austin billionaire's historic new investment will transform Manhattan skyline


By John Egan
Feb 7, 2019

MSD Capital is teaming up with New York developer TF Cornerstone Inc. to buy the property, tear it down, and put up about 2 million square feet of new space, including offices, retail shops, and a scaled-down, 500-room Grand Hyatt.

“We look forward to the opportunity to bring a new icon to New York’s skyline and help advance the [city’s] goals for desperately needed new development and infrastructure in East Midtown,” says Jeremy Shell, a principal at TF Cornerstone.

https://www.reuters.com/article/us-n...-idUSKCN1PW2XR

The project marks a further step in the revitalization of east Midtown where a 1,401-foot (427-m) skyscraper, One Vanderbilt, is rising next to Grand Central on its west side, and JPMorgan Chase & Co plans to build a new headquarters nearby on Park Avenue.

State and city approval is required and construction financing must be arranged, the statement said.

The project may deter potential tenants from relocating to Hudson Yards, a district rising on Manhattan’s West Side where a number of marquee companies have decided to relocate.

“This will be a draw for new office tenants and potentially lure tenants away that would have otherwise considered Hudson Yards,” said Myers Mermel, chief executive and co-founder of TenantWise, a real estate research and advisory firm.

“It will re-establish Midtown East as the pre-eminent office district,” he said.

https://www.wsj.com/articles/new-yor...wn-11549567095

[Hudson11]

that visualization reminds me we still haven't heard much about the vacant lot at 520 Fifth either. That's another 900 footer to expect.

[NYguy]

Throwback...


https://news.vanderbilt.edu/vanderbi...ore-hotel_rgb/






Some context...

[Busy Bee]

I can't be the only one that's just as excited to see something destroyed that DJT had a hand in creating. The metaphor is deeply satisfying. Win-win.

[streetscaper]

The lot size looks pretty similar to One Vandy's, right?

[BrownTown]

Originally Posted by Busy Bee

I can't be the only one that's just as excited to see something destroyed that DJT had a hand in creating. The metaphor is deeply satisfying. Win-win.

That seems awfully petty especially seeing as it was built before Trump was born and has no connection to Trump at this point in time. It's stupid news organizations are even tying this development to Trump when it has literally nothing to do with him. Just silly clickbait "journalism".

[NYguy]

Originally Posted by Busy Bee

I can't be the only one that's just as excited to see something destroyed that DJT had a hand in creating. The metaphor is deeply satisfying. Win-win.

No need to bring him into this. He's not building anything here. Let's leave the Trump discussions for somewhere else. I don't really want to have to clean up that mess.

Originally Posted by streetscaper

The lot size looks pretty similar to One Vandy's, right?

Pretty similar.

Imagine Vanderbilt had been planned along with this skyscraper...not that this would happen, but it's nice to think about...

[Zapatan]

Didn't realize it's literally next to Chrysler but I don't think that's a bad thing either, just as long as it looks cool.

Jin Mao Tower in Shanghai is one of my favorite buildings and I think SWFC and ST just add to its effect, so maybe a cool looking tower could do the same here.

The New-Old blend will be cool too.

[NYguy]

I think it will have to be something that tapers one way or the other. It has to get approvals, so the City will not look to kindly on just any box rising here. This will be something that the entire city will be looking at because its the Chrysler Building.



https://www.instagram.com/p/BsbszlynfXV/






https://therealdeal.com/2019/02/07/h...r-2m-sf-tower/

TF Cornerstone and MSD plan to take over Hyatt’s lease, which expires in 2077 and would require city and state approval since the land is owned by the Empire State Development Corp.

The project would be the latest to take advantage of the Midtown East rezoning, which officials hope will add 6.5 million square feet of new office space to the neighborhood. JPMorgan Chase’s headquarters at 270 Park Avenue was the first. At the Hyatt, developers plan to use air rights purchased from Grand Central Terminal to build a larger tower. In 2016, MSD and TF Cornerstone bought a 90 percent stake in 1.35 million square feet of air rights tied to the terminal for $126 million. The partners sold 660,000 square feet to JPMorgan in December.