RXR Creeps Forward at 175 Park Supertall

RXR is pumping up its plans next to Grand Central Terminal, filing last week for a 95-story supertall.

Chief construction and development officer Todd Rechler filed the plans for the development at 175 Park Avenue, Crain’s reported.

The plans detail a project a dozen stories taller than the previously reported 83-floor count. It would span nearly 3 million square feet, mostly covered by office space and hotel rooms filling out the top floors. There would also be floors for bike storage, retail space and a bar.

Construction is expected to start in the next few months, according to a spokesperson for RXR.

RXR and partner TF Cornerstone are projecting that the development next to Grand Central could cost $6.5 billion. The developers applied for $4.8 billion in federal loans to help fund the project, but they have yet to be awarded money.

RXR and TFC were on the hunt to secure an anchor tenant when the partners applied for the funds, a creative approach to securing financing after traditional investors cooled on lending to office developments.

The developers opened a leasing gallery for the project in October 2023.

Last month, JPMorgan invited its institutional investors to be pitched on financing the office development set to replace the Grand Hyatt Hotel. No word yet on how those meetings went.

Last week, RXR entered into an agreement to form a joint venture with developers Silverstein Properties and Metro Loft Management, sources told The Real Deal, leading a $500 million recapitalization of 55 Broad Street, one of the city’s major office-to-residential projects.

— Holden Walter-Warner