Thursday, February 7, 2019
President Trump's first luxury hotel will be demolished for new tower
Midtown’s Grand Hyatt Hotel is getting torn down.
The glass-sheathed tower — Donald Trump’s first major Manhattan project — is being bought out by developers who plan to raze it and replace it with a 2-million-square-foot, mixed-use space.
Manhattan developer TF Cornerstone and computer billionaire Michael Dell’s MSD Partners are in contract to buy the 100-year-old hotel and take over its ground lease, which expires in 2077, from Hyatt, they announced on Thursday.
In its place, they’re planning a new skyscraping project that would include offices and a scaled-down Hyatt hotel.
The land under the Hyatt, which includes numerous underground concourses that connect to Grand Central Terminal, was owned by the New York State’s Urban Development Corp. — until it was sold to the MTA in December 2017 for $13 million. Changing ownership of that lease would require city consent.
Building the new project would also require state approval.
This was the bad orange man's project genesis. A fitting and more productive use of this re-development would be a tower jail or homeless shelter.