Grand Hyatt Hotel To Be Demolished For New Development: Report

MIDTOWN MANHATTAN, NY — The Grand Hyatt Hotel in Midtown Manhattan will be torn down to make way for the neighborhood's next huge development, according to reports.

Developers TF Cornerstone and MSD Partners plan to demolish the 1,298-room hotel and build a 2 million-square-foot mixed use development featuring office space, retail and a new hotel, the Wall Street Journal first reported. The Grand Hyatt was one of Donald Trump's first forays into Manhattan real estate in the '70s, but Trump recently sold his investment in the building.

The new development will be made possible due to a rezoning of the East Midtown office district passed by the City Council in 2017. Other developments such as J.P. Morgan's planned new headquarters at 270 Park Avenue and Macklowe Properties' "Tower Fifth" are also products of the rezoning plan.

Air rights purchased from the Grand Central Terminal site in 2016 will allow the new development on the site of the Grand Hyatt Hotel to rise to skyscraper levels. The site is owned by the Empire State Development Corp, so developers will also need to secure approvals from city and state officials.

The Grand Hyatt Hotel was built on East 42nd Street between Park and Lexington avenues in the early 20th century. Trump took over the building in the 70s and remodeled it by covering the original stone exterior with glass.

Read the full Wall Street Journal article here.

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