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175 Park Avenue Midtown Manhattan rendering

NY City Council Approves Plans for Supertall to Replace Hyatt Near Grand Central

RXR Realty and TF Cornerstone’s plans for a 1,575-foot-tall tower in Midtown Manhattan, which would be among the city’s tallest, were recently approved by the New York City Council, Bloomberg News reported. The council’s approval clears the way for a mixed-use building on the site of a Grand Hyatt that includes more than two million square feet of office space and up to 500 hotel rooms. 

The project, dubbed 175 Park Ave., is what city officials envisioned when they rezoned East Midtown to promote the development of new office towers near Grand Central Terminal, said Jeff Nelson, an SVP at RXR. 

“We’ve always strongly believed the city will continue to be the magnet for talent and the economic engine that it has been historically,” Nelson told Bloomberg. “If you think about where the city’s center of gravity will be, it will be around Grand Central.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Policy/Gov't
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