This week, the MTA and SL Green debuted a new entrance to the Grand Central-42nd Street subway station at One Vanderbilt Avenue, a 77-story supertall office skyscraper in Midtown. The new entrance is the latest component of SL Green’s $220 million transit improvement project bundled into development of the commercial project.
Grand Central Terminal
An Environmental Assessment Statement for 109 East 42nd Street in Midtown East reveals details for the proposed Project Commodore, a 1,646-foot-tall skyscraper on the site currently occupied by Grand Hyatt New York. Developed under the Commodore Owner LLC by RXR Realty and TF Cornerstone, the mixed-use supertall is designed by Skidmore, Owings & Merrill. Components include 2,108,820 square feet of office space, a smaller 500-room Grand Hyatt hotel, approximately 10,000 square feet open-air publicly accessible space, and 43,370 square feet of retail including some controlled by the MTA on the cellar, ground, and second floors.
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.
The city has announced it will open two business hubs totaling 100,000 square feet this summer as part of its UrbanTech NYC program, according to Crain’s. One of them will be a 50,000 square-foot building in the Brooklyn Navy Yard, dubbed New Lab. The facility, which is currently being renovated, will offer affordable commercial rents to companies in search of office and/or manufacturing space. The other 50,000 square-foot location is at Grand Central Terminal, and companies will have to apply and then be selected to lease space. Macro Sea is developing – and designing in-house – the Brooklyn Navy Yard’s facility, and the New York City Economic Development Corporation (NYCEDC) is behind the initiative.