April 7, 2026
After receiving approval five years ago, a plan to build a supertall next to Grand Central Terminal is moving forward. Last week, RXR Realty filed the first permits for a 95-story tower at 175 Park Avenue, the site of the former Grand Hyatt Hotel, which the City Council approved in 2021 as part of the hotel’s redevelopment. The project is 12 stories taller than previously reported and would include office space and hotel rooms spanning nearly 3 million square feet. The tower had appeared stalled but was revived last month after RXR met with JPMorgan clients to gauge interest in funding the project, which the firm says is expected to cost $6.5 billion, according to Crain’s. Construction could begin in June.
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