The Grand Hyatt New York next to Grand Central Terminal may soon be replaced. Developers TF Cornerstone and MSD Partners, L.P. recently announced their plans to redevelop the site in East Midtown, at 42nd Street and Lexington Avenue. The new mixed-use project would take the place of the existing building, adding 2 million square feet of retail and prime class A office space. In addition, the proposal also includes a new (but smaller) Grand Hyatt hotel.
Details on the height of the building, the scope of the hotel component, and demolition have not been released.
“This extraordinary project builds on TF Cornerstone’s proud history of mixed-use development in New York City,” said Jeremy Shell, Principal at TF Cornerstone. “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.”
Part of the Midtown East rezoning, the project will also bring improvements to the Grand Central train station itself, including new entrances and enhancements to the infrastructure of the subway component. If approved, it will be the fourth major tower planned under the 2017 reconfiguration.
A completion date has not been announced, pending approvals from the city and state. According to the Wall Street Journal, the Hyatt holds a hundred-year lease on the hotel property that expires in 2077. Developers TF Cornerstone and MSD Partners would need to take over the agreement. City consent is also required for the change in ownership of the underlying land, currently owned by Empire State Development Corp.
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I remember when Donald Trump was hailed as the ‘savior of 42nd street’ by redeveloping the old Commodore Hotel into this present garish reflective glass monstrosity. Any change will be an improvement.
Please pardon me for using your space: Thanks for showing headliner and not like fake hearsay on development when you reported. Make head. (Hello YIMBY)
When Trump redeveloped the Hyatt property the City was in trouble and he took a chance.It payed off for him and the City while employing many construction and hotel jobs.This is what Amazon will do in LIC if those two politicians don’t chase them away.
To Monath, typical Trump hater. He stepped forward to improve 42nd Street and created jobs. No matter what he would have done to improve the Commodore Hotel you would complain. Grow up and get over the last election already.
I would have still thought this building ugly if Abe Lincoln redeveleped it 🙂
The current Hyatt is indeed ugly, but it reflects the style prevalent in the 80s. Unfortunately, what replaces it will probably reflect current tastes which favor cold Shanghai-sequel steel and glass boxes.
Anything good trump did with the comadore back in the day he undid by reneging on the hudson tunnels fix, which will get people killed when it collapses. And lets not forget the worker he actually did get killed when he and his russian crony investors hired illegal immigrants to rush work on the former trump soho hotel.
Yes Trump hired illegal immigrants, and they sent all their money home, while we provided them with free food, free housing, free healthcare, free education, free phones.