FOR IMMEDIATE RELEASE
December 16, 2021
CONTACT:
Kaye Dyja
212-818-0580
kdyja@council.nyc.gov
City Council Passes Historic Rezoning at 175 Park Avenue
The redevelopment will modernize and revitalize the site currently occupied by the Grand Hyatt Hotel
New York, NY — Today, the New York City Council passed a historic rezoning at 175 Park Avenue. Currently occupied by the Grand Hyatt Hotel, the site is located directly adjacent to Grand Central Terminal on 42nd Street. An extraordinary opportunity for East Midtown, the project will deliver hundreds of millions of dollars in transit improvements, generate thousands of high-quality jobs, create a new, major public space for arts and culture, and reinvigorate the heart of New York City as we all recover from the COVID-19 pandemic.
“This landmark redevelopment deal at 175 Park Avenue will bring new life and energy to East Midtown,” said Council Member Keith Powers. “Between the sprawling public terraces, innovative arts and culture programming, enormous transportation improvements, and once-in-a-lifetime investments into upgraded public space, 175 Park Avenue will revitalize and transform East Midtown into a central hub of arts, culture, and economic development throughout New York City and the greater metropolitan area.”
“175 Park Avenue is a symbol of New York’s resiliency and recovery as we emerge from the pandemic,” said Scott Rechler, Chairman and CEO, RXR Realty. “The project will bring critically-needed accessible public space in the heart of Midtown and once in a generation transit improvements at Grand Central Terminal, all while embracing East Midtown’s historic civic realm. We thank Council Member Powers for his thoughtful feedback and support, and we look forward to continuing our work with him as we take the next steps in our development.”
“Council Member Powers has been instrumental in shaping the intricacies of this project – from the public realm improvements to the art and cultural commitments,” said Jake Elghanayan, Principal, TF Cornerstone. “Our proposed development, which will come to fruition thanks to the Council Member’s support, will upgrade East Midtown’s urban landscape, improve the City’s public transit, and support the City’s economic recovery. We’re excited to develop this new, state-of-the art, sustainable, mixed-use tower that all New Yorkers can enjoy.”
The site was first developed in 1919 as the Commodore Hotel. In the late 1970s, the hotel was renovated and renamed the Grand Hyatt New York Hotel. Now, as proposed, 175 Park Avenue will be transformed into a 2.1 million square feet development featuring modernized retail space, commercial office space, a new 500-room hotel, a sky lobby, a lounge, and a restaurant. Designed by Skidmore, Owings & Merrill (SOM), the building will stand at 1,575 feet high. Pre-construction will be done by AECOM Tishman.
Working closely with the Metropolitan Transportation Authority (MTA), the redevelopment will involve hundreds of millions of dollars in infrastructure and transportation improvements to Grand Central Terminal, affecting the thousands of New Yorkers and visitors traveling in and out of East Midtown everyday.The investments include a new 5,328 square-foot Transit Hall—which will serve as a major access point for the 4,5,6,7, and S subway lines, Long Island Railroad (LIRR), and Metro-North Railroad (MNR)—a new subway entrance at East 42nd Street, essential upgrades along Lexington Avenue, and other improvements to allow for better circulation, accessibility, and connectivity. Additionally, there will be $38 million dedicated to the East Midtown Public Realm Improvement Fund for public space improvements in East Midtown.
Along with these significant transit improvements, the project will create 25,000 square feet of elevated, publicly accessible terraces that wrap around the eastern, northern, and western sides of the building. These spaces will not only offer a much needed urban sanctuary in the center of New York’s most congested, bustling office district, but will establish a new, ambitious concept that incorporates office space with arts and cultural programming.
This exciting, culturally immersive programming will include 12 large-scale events per year with a partnering organization and 25 additional events, coordinated by a Cultural Advisory Committee consisting of representatives from Council District 4, the Manhattan Borough President’s office, Community Boards 5 and 6, and an RFP for a full-time cultural partner. Additionally, managed by the RFP-awardee and the Cultural Advisory Committee, there will be a 5 million dollar endowment dedicated to support local nonprofits who otherwise may be unable to operate in the space. As our city rebuilds from the pandemic, this historic expansion of arts and culture in Midtown will invigorate the local community and draw throngs of New Yorkers and visitors into the area.
“The redevelopment at 175 Park Avenue is a clear indication that New York is emerging from the pandemic with East Midtown as the epicenter of this city renaissance,” said Kyle Athayde, Chair of Manhattan Community Board 6. “We are pleased that the developers of this project sought input and feedback from local community boards and the public, and that Council Member Powers has been a strong advocate for this historic project being innovative and meeting the needs of our community. We look forward to a project that is respectful of the local community, and are excited for the improvements to Grand Central Station that will make it more modern and accessible to reassert its reputation as one of the world’s premier transportation hubs.”
“175 Park Avenue will be an amazing addition to the continuing transformation of the skyline of the Grand Central neighborhood, while adding much needed publicly accessible open space providing new opportunities to showcase the arts and culture, also providing additional transit improvements to our already unmatched transit options,” said Grand Central Partnership President & CEO Fred Cerullo. “This new, state of the art office and hotel tower, coupled with privately financed transit and public realm improvements, is exactly the kind of development that the Greater East Midtown Rezoning contemplated and exactly the kind of development that the world’s central business district welcomes!” “We are glad to see this proposed development approved and moving forward,” said Denis Johnston, Executive Vice President of SEIU 32BJ. “This project will benefit the community by creating additional good paying jobs with benefits that sustain working families. Responsible developments like this will help our city recover from the economic impact of the pandemic that is still felt by too many.”
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