RXR files DOB plans for 2.2M sf supertall at 175 Park Ave

RXR Realty, in partnership with TF Cornerstone, submitted a new building construction project for a 2,240,997 square-foot mixed-use hotel, office and retail building at 175 Park Avenue in Grand Central, Manhattan. The plan was filed with the New York City Department of Buildings on March 25, 2026 under job number M01347992. It calls for the construction of a 95-story building. The project is described in the filing as: Application filed to erect new building as per plans. The architect is Skidmore, Owings & Merrill.

The Federal Transit Administration is the lead federal agency on the project, and is tracking it on its website.

The Scott Rechler-led RXR and the Elghanayan family’s TF Cornerstone are moving forward with the redevelopment of the former Grand Hyatt New York parcel at 175 Park Avenue, a project formerly known as Project Commodore. The 1,575-foot supertall, designed by Skidmore, Owings & Merrill, is slated to yield approximately 2.1 million square feet of Class A office space and a hotel across its 95 stories.

The project site sits directly east of Grand Central Terminal. The developers secured crucial approvals through the city’s ULURP process in late 2021, leveraging the Greater East Midtown Rezoning to achieve a floor area ratio (FAR) of nearly 30. In exchange for the density, the partners committed to a massive transit infrastructure package, including a 5,400-square-foot transit hall and new subway entrances. Most recently, the joint venture sought nearly $5 billion in federal financing to anchor the estimated $6.5 billion total development cost.

175 Park Avenue

The property

The existing hotel building in Grand Central has 1,028,194 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 275 feet and is 208 feet deep with a total lot size of 57,282 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $249.1 million.

Prior sales, articles and revenue

The 1,028,194-square-foot property generated revenue of $141.8 million or $138 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $25 in OATH penalties and one housing litigation in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 5th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Grand Central is the 6th most active neighborhood among other neighborhoods. It had 10.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 916,553 square feet of the 1,944,747 square feet. The two identified owners are Rxr Realty and Tf Cornerstone. On the tax block, there was one new building construction project filed totaling 2,240,997 square feet. It is a 2,240,997 square-foot 56 building submitted by RXR Realty and filed by Todd Rechler with plans filed March 25, 2026 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 129 East 42 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on March 11, 2025 for the $628,384 renovation of 814,022-square-foot business (COM) building with zero residential units at 122 East 42nd Street. One of those two items was a loan which SL Green Realty borrowed $192 million from Wells Fargo secured by the zero-square-foot, 40-unit office building (O4) on 125 Park Avenue on February 3, 2025.

Direct link to the property’s ACRIS page and link to DOB NOW portal.