Grand-Hyatt-Manhattan

Partnership to Redevelop Former Trump-Owned Hotel in Manhattan into 2 MSF Mixed-Use Property

by Taylor Williams

NEW YORK CITY — A partnership between local investment firm TF Cornerstone Inc. and MSD Partners, the investment advisory firm of tech billionaire Michael Dell, will redevelop the Grand Hyatt hotel in Midtown Manhattan. The property, once partially owned by The Trump Organization, will be converted into a mixed-use destination.

According to the New York Daily News, the 26-story building represents one of President Donald Trump’s first major real estate deals in Manhattan. In 1978, The Trump Organization partnered with Hyatt to buy the property, then known as Hotel Commodore, and undertake $100 million in renovations. The paper reports that Trump sold his share of the property in 1996 for $140 million.

The new development, located at 42nd Street and Lexington Avenue, would replace the existing building with office and retail space, as well as a new luxury hotel, totaling roughly 2 million square feet of commercial space. The project would also upgrade the infrastructure of the existing public transit at the site.

“Hyatt first entered the critical New York market with the flagship Grand Hyatt New York, and the hotel has always been one of our most iconic properties and vital locations,” says Mark Pardue, senior vice president of operations and human resources at Hyatt. “We look forward to collaborating with TF Cornerstone and MSD Partners to introduce an extraordinary new hotel that will welcome global travelers and local New Yorkers alike while delivering public benefits that will make New York City a better place for residents and visitors.”

Timelines for demolition of the existing Hyatt hotel and development of the new mixed-use property have not yet been established.

— Taylor Williams

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