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RXR Ready to Board $3B Tower Project Near Grand Central

RXR Realty is close to joining the partnership that plans on replacing the Grand Hyatt New York with a $3-billion office and hotel tower, Crain’s New York Business reported. The partnership of TF Cornerstone and MSD Capital announced its plan late last week.

“This is a unique development that fits into our model of focusing on irreplaceable locations closely connected to transportation,” RXR chairman Scott Rechler told Crain’s. “We’re one of the largest office owners in Midtown East, so we’re big believers in the neighborhood and the area surrounding Grand Central.”

To take part in the development, Rechler said he would step down from the board of the Metropolitan Transportation Authority, citing conflict of interest. The project will entail negotiating with MTA over what could be hundreds of millions of dollars in transportation and infrastructure improvements to the area surrounding Grand Central Terminal, adjacent to the proposed tower.

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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 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).

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