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.