RXR files plans for 95-story supertall next to Grand Central
Renderings courtesy of SOM
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.
RXR is developing the project with TF Cornerstone, and the supertall tower will be designed by Skidmore, Owings & Merrill (SOM). Office space would occupy floors 10 through 82, while hotel rooms would be located above. A bar is planned for the fourth floor, and retail space would be located on the third floor. Bike storage would be included on a lower level.
According to SOM, the tower’s design will respond to the mix of nearby New York City landmarks and architectural styles, ranging from Romanesque Revival to Art Deco, channeling the ethos of those aesthetics while establishing its own identity. Renderings show a striking crown of interlaced steel inspired by the Chrysler and Socony-Mobil buildings, two of its most prominent neighbors.
Characterized by strong verticality that emphasizes its height, the tower will feature three setbacks to create landscaped terraces with 360-degree skyline views. The setbacks will also divide the building into four sections with varying floor sizes, including larger floor plates near the base and smaller spaces toward the top, just below the hotel.
Wrapping the building will be 24,000 square feet of new open space, creating vantage points of nearby landmarks and offering a respite from the surrounding streets. The three elevated spaces along the podium will be seamlessly connected and include the Chrysler, Grand Central, and Graybar terraces.
The Chrysler Terrace would feature a reflecting pool, plantings, and public seating, with retail space below. Notably, the Grand Central terrace would allow travelers to stand alongside the east facade of the terminal for the first time, according to a January presentation to the Public Design Commission (PDC).
At the base of the tower, 5,400 square feet of new space would be added to Grand Central to ease congestion in the heavily trafficked portion of the terminal. Existing subway turnstiles would be relocated to a larger street-level transit hall with a new staircase, elevator, and escalator. The transit hall would connect directly to the building’s lobby and include an additional 10,000 square feet of retail space.
The developers have applied for $4.8 billion in federal loans to help fund the project, but have yet to be awarded the money. Securing the funding may depend on RXR’s ability to secure a tenant willing to lease at least 500,000 square feet in the tower, though none have yet expressed interest.
Last month, RXR met with JPMorgan executives at One Vanderbilt in hopes of securing funding, walking investors through its financing strategy and leasing plans, according to Hoodline. Both firms declined to comment on the meeting.
An RXR spokesperson said construction is expected to begin in June.
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