A New York developer and a partner plan to demolish the Grand Hyatt New York, the hotel that launched U.S. President Donald Trump’s real estate career in Manhattan decades ago, the two companies said on Thursday.
Developer TF Cornerstone and MSD Partners, which manages the assets of Dell Technologies founder Michael Dell and his family, said they would develop 2 million square feet (186,000 square metres) of office and retail space and a new luxury Grand Hyatt Hotel.
The redevelopment would be in collaboration with an affiliate of Hyatt Hotels Corp, TF Cornerstone and MSD Partners said in a statement.
The Grand Hyatt is immediately east of the Grand Central train station on 42nd Street and was the former Commodore Hotel, a derelict stone building built in 1919 that Trump gutted and re-skinned with a glass facade after its purchase in 1978.
The hotel was Trump’s first success in Manhattan after he started in real estate with his father, a wealthy developer in the New York City borough of Queens where the president grew up. Entering Manhattan established Trump’s name as a businessman and made him a source of tabloid fascination.
The new development would provide new subway entrances and enhanced connectivity to the subway system underneath Grand Central, and a significant increase in tax revenue, according to the statement.
The project marks a further step in the revitalization of east Midtown where a 1,401-foot (427-m) skyscraper, One Vanderbilt, is rising next to Grand Central on its west side, and JPMorgan Chase & Co plans to build a new headquarters nearby on Park Avenue.
State and city approval is required and construction financing must be arranged, the statement said.
The project may deter potential tenants from relocating to Hudson Yards, a district rising on Manhattan’s West Side where a number of marquee companies have decided to relocate.
“This will be a draw for new office tenants and potentially lure tenants away that would have otherwise considered Hudson Yards,” said Myers Mermel, chief executive and co-founder of TenantWise, a real estate research and advisory firm.
“It will re-establish Midtown East as the pre-eminent office district,” he said.
Reporting by Herbert Lash; Editing by Peter Cooney
Bill Maher dances on David Koch’s grave: ‘I’m glad he’s dead and I hope the end was painful’
HBO "Real Time" host Bill Maher celebrated the death of right-wing billionaire David Koch, who died of prostate cancer.
"I guess I'm going to have to reevaluate my low opinion of prostate cancer," Maher said.
"Condolences poured in from all the politicians he owned and mourners are being asked, in lieu of flowers, to just leave their car engine running," he said.
"I know these seem like harsh words and harsh jokes, and I'm sure I will be condemned for them on Fox News, which will portray Mr. Koch as a principled libertarian who believed in the free market," Maher said. "He and his brother have done more than anybody to fund climate science deniers -- for decades."
HBO’s Bill Maher slams Trump’s White House lawn press conferences: ‘Brought to you by Adderall’
HBO's "Real Time" host Bill Maher ripped Donald Trump on Friday.
"I've had so many sh*tty weeks, but this was a sh*tty week, I'm telling you," Maher said.
Rep. Rashida Tlaib (D-MI) called for a boycott of Maher's show this week.
"The one bright spot I could find, Trump finally found some white people to fight with. Denmark. He's fighting with Denmark, because, you know this, he's been wanting to buy Greenland
Rachel Maddow reveals 9 major reasons so many Democrats are running against Trump in 2020
The host of "The Rachel Maddow Show" on MSNBC listed nine major reasons Democrats are running to take on President Donald Trump in 2020.
"As we close in on the third round of Democratic presidential primary debates, the acute angle of the funnel that the candidates are going through right now is starting to pinch a little bit," Maddow noted.
"I think it’s fair to say that the Democratic Party knew that a lot of people were going to get into this presidential primary to try to earn the right to challenge this incumbent president. Right? It’s not rocket science to figure that out," she continued. "It’s nothing personal about the president."