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.
Midtown East Rezoning
One Vanderbilt is officially the latest skyscraper in New York City to claim supertall status. Located at 41 East 42nd Street in Midtown East, the imminently 1,401-foot tall office building already soars above Grand Central Station, and new steel columns continue to sprout along the perimeter and core, having now punctured the 1,000-foot mark. Designed by Kohn Pedersen Fox, the upcoming 58-story tower is being developed by SL Green and will span 1.75 million square feet.
One Vanderbilt quickly climbed into the Midtown skyline in 2018, in what seemed like the fastest climb of any supertall to rise in Manhattan in recent years. After growing past street level last winter, the superstructure has now passed the height of the Metlife Building across the street from Grand Central Station, and is on pace to top-out by the middle of 2019. The 58-story building is being designed by Kohn Pedersen Fox and developed by SL Green. 1.75 million square feet of commercial office space and a reported three-story observation deck will soon result, upon completion, and One Vanderbilt is the third-tallest skyscraper currently being built in New York City.
With the number of supertalls on the Manhattan skyline doubling within the past year, it is easy to forget about impending proposals not yet out of the ground. But now, the second supertall to result from the Midtown East rezoning is moving forward, with JPMorgan Chase filing a text amendment with City Planning for a 1,400-foot tower on the site of 270 Park Avenue. Designed by Foster + Partners Architects, the plans also come with the first renderings of the 2.4 million square foot supertall, and massing diagrams that offer a look at what’s in store for New York City’s most central business district.
Progressing at breakneck speed since the demolition of the original extant commercial buildings in early 2016, One Vanderbilt‘s rise into the Midtown skyline has occurred at the quickest pace since the Roaring Twenties, when the Chrysler Building and Empire State Building were each completed within very short timeframes.