But still.....!
As it stands now, that area is a perfect for hotels, especially high-end 5 star ones. Unobstructed views of Midtown, waterfront views and some JC, within walking distance to all those Times Square tourist traps, and a nice strip of restaurants north in the Hell's Kitchen (Clinton) area.
Residential units should also do very well there despite not having the greatest transportation access. Honestly, I think the idea of having a modern-trolley along 42nd and making it pedestrian only will greatly improve the east-west connection, and benefit the more underdeveloped west side.
Which segways into officespace, which would benefit greatly from the new Moyinahan Station, as well as (to a lesser degree) the ARC plan to bring NJ trains into Grand Central.
So you've got midtown access, you've got the tourist traps, nice views, and a convention center, and new zoning how is there not full-on support for atleast a handful of major hotel developments???