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New York’s Grand Hyatt Hotel to Be Torn Down
Developers plan to replace the hotel with a mixed-use tower totaling 2 million square feet
By Josh Barbanel
Feb. 7, 2019

A development group has agreed to buy and tear down the Grand Hyatt New York, the glass-sheathed hotel by Grand Central Terminal that was Donald Trump’s first major Manhattan development, and replace it with a mixed-use project.

TF Cornerstone, a Manhattan developer, and MSD Partners, which manages the assets of Dell Technologies founder Michael Dell and his family, said they plan a new development totaling about 2 million square feet, which will include offices, retail and a new, scaled-down Grand Hyatt. They said the project would require the approval of the city and the state. It isn’t clear when demolition would begin or how tall the building would be.

It will be the fourth major tower planned or under development in east Midtown where the city rezoned the area in 2017 to encourage new office buildings there, along with transit and street improvements.

“It is solidifying that neighborhood’s pre-eminence as a business district for the 21st century,” said Alicia Glen, an outgoing deputy mayor who oversees housing and economic development, and who spearheaded the midtown rezoning.

To create such a large tower, the developers said they would use the remaining development rights, known as air rights, from Grand Central Terminal that they purchased in 2016 for an undisclosed amount.

Looking forward to this!



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