Goodbye to the Grand Hyatt building next to Grand Central Terminal: According to the Wall Street Journal a development group comprising TF Cornerstone and MSD Partners (an investment group linked to Michael Dell ), plans to demolish the current structure and replace it with a new, larger one.
The deal is the latest to come out of the Midtown East rezoning, which was approved with the goal of crating new, modern office space within a 78-block stretch of the neighborhood. The first major project, announced last year, is the skyscraper that will replace the former Union Carbide building at 270 Park Avenue.
According to a release from the development team, the new building that the developers have planned would span around 2 million square feet ̵
The project will also bring improvements to the train station itself, including new entrances and enhanced connectivity and circulation at the Grand Central subway stop.
While designing the project has been named, Jeremy Shell, a principal at TF Cornerstone, said in a statement that the firm look [s] forward to the opportunity to bring a new icon to New York's skyline. Developers own much of the air rights at Grand Central, and would use them (minus the 660,000 square feet that was transferred to JP Morgan Chase for its new HQ).
Before any work can take place, however, the developers will need to transfer the lease for the property from Hyatt, which holds it until 2077. There will also be necessary approvals from the city and state, so a timeline for completion has yet to be announced.