Grand Hyatt New York to Be Torn Down, Replaced with Tower

Interior, Grand Hyatt New York

A group of developers said they plan to purchase and tear down the Grand Hyatt New York, next to Grand Central Terminal, and replace it with a mixed-use project that will include a scaled-down Grand Hyatt.

The Grand Hyatt launched Donald Trump’s career as a developer and was his first major development project in Manhattan.

The developers, TF Cornerstone, a Manhattan developer, and MSD Partners, an investment firm connected with Dell Technologies founder Michael Dell, say they will build a new tower and development totaling 2 million square feet (185,806 square meters) that includes office and retail space as well as a new Hyatt hotel.

The project would require city and state approval in order to proceed.

Hyatt Hotels holds a 100-year lease on the hotel property that is set to expire in 2077. The developers plan to take over the lease.

Meanwhile, the Grand Hyatt New York will continue to operate in its current form until at least the end of 2020. The Grand Hyatt opened in 1919 as the Commodore Hotel. In 1980, Donald Trump renovated the interior and encased the exterior of the building in glass.

(Photo: Accura Media Group)