RXR Advances 95 Story Supertall Office And Hotel Tower Next To Grand Central

• RXR files permits for 95 story mixed use tower in Midtown East
• Project could reach 6.5 billion with nearly 3 million square feet
• Development depends on securing a major office tenant and financing

What The Filing Means For Manhattan Development Activity

RXR Realty is moving forward with plans for a 95-story supertall tower at 175 Park Avenue, next to Grand Central Terminal. The filing marks a major step in reviving a project that had gone quiet in recent years. Momentum returning to a project of this scale signals renewed confidence in prime Midtown development, especially in transit-oriented locations.

What The Project Scale Means For Office And Hotel Demand

The tower will include nearly 3 million square feet, with office space dominating the lower and middle floors and a hotel positioned at the top. The layout is designed to accommodate both large corporate tenants and premium hospitality use. This type of mixed-use structure allows for diversified income streams while maximizing the value of a high-profile site.

What The Financing Plan Means For Execution

The total development cost is expected to reach 6.5 billion, with plans to secure 4.8 billion in federal financing. RXR has also engaged with institutional players, including JPMorgan Chase, as part of its capital strategy. Securing a major anchor tenant will be critical. A large lease commitment is likely needed to unlock full financing and move construction forward.

What The Design Means For Competitive Positioning

The tower is being designed by Skidmore, Owings & Merrill and will feature terraces, retail space, and strong transit integration. Public open space and direct access to Grand Central are central to the design. These features position the building to compete with the newest generation of office towers that prioritize amenities and connectivity.

What The Location Means For Long-Term Value

Being directly next to Grand Central Terminal gives the project a major advantage. Plans include expanding transit access and adding new retail and public space tied to commuter flow. Transit-driven locations continue to command premium rents and strong tenant demand, particularly in Midtown East.

What This Project Means For Investors

This development reflects how top-tier assets in core locations are still attracting capital, even in a shifting office market. Scale, location, and design remain key drivers of long-term value. For investors and landlords, the project reinforces that demand still exists for high-quality office space in the right locations.