A new supertall skyscraper will rise at 175 Park Avenue, rising next to famous neighbors on a prime block in Manhattan.
The site currently occupied by a Grand Hyatt Hotel at 175 Park Avenue will soon be home to a 2.1-million-square-foot, 1,575-foot-tall building, "with retail and office space, a new 500-room hotel, a sky lobby, a lounge, and a restaurant," according to Cohen.
"The new project, developed by TF Cornerstone and RXR Realty, will be designed by Skidmore, Owings & Merrill (SOM); pre-construction will be done by AECOM Tishman," reports Cohen.
"In partnership with the Metropolitan Transportation Authority (MTA), the redevelopment will bring hundreds of millions of dollars in infrastructure and transportation improvements to Grand Central Terminal, including a new 5,328 square-foot Transit Hall and a new subway entrance at East 42nd Street.," adds Cohen.
The building's entitlement was made possible by the East Midtown zoning rules adopted in 2017 that "permit developers to construct supersized towers if they are accompanied by hefty contributions to transit and public amenities," according to Cohen.
The new building will flank the other side of Grand Central Station. The other side of the famous transit station is the location of one of the most recognizable and notorious supertall skyscrapers in Manhattan: One Vanderbilt.
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