The Grand Hyatt New York will be closing at the end of 2020 and will be torn down completely as the developers plan to build a new 2 million square foot skyscraper in its place.
The Grand Hyatt is Hyatt’s flagship property in New York City, so as Hyatt loyalists this is a loss to the brand, however Hyatt recently acquired the Parker New York, which is their newest Hyatt in the city.
The Grand Hyatt New York, the Manhattan hotel that launched Donald Trump’s career as a real estate developer, is being redeveloped by an investor group that plans to demolish the existing structure and replace it with a massive mixed-use building.
TF Cornerstone, a Manhattan developer, and MSD Partners LP, the investment firm that manages money for Michael Dell and his family, are taking control of the ground lease and existing hotel on East 42nd Street. They plan to replace it with a 2 million square-foot tower that includes office and retail space as well as a new Hyatt hotel, according to a statement.
The developers intend to contribute air rights from Grand Central Terminal under the rules of a recent rezoning, according to the statement. The existing hotel, which will operate in its current form until at least the end of 2020, was developed by Trump in the late 1970s.
A 2017 rezoning of the Midtown East area paved the way for taller buildings and improvements to public spaces and transit, including Grand Central. SL Green Realty Corp. is building One Vanderbilt, a $3.1 billion skyscraper slated to open August 2020 next to the transit hub. Several blocks away, JPMorgan Chase & Co. plans to tear down its Park Avenue headquarters and erect a new 2.5 million-square-foot tower.
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