RXR plans 95-story supertall office tower at 175 Park Avenue near Grand Central

• RXR files plans for 95-story supertall next to Grand Central
• Project spans nearly 3 million square feet with office and hotel uses
• Estimated cost reaches $6.5 billion with major financing still pending

What the scale means for office supply

The proposed tower will deliver nearly 3 million square feet, with most of the space dedicated to office use. This is a major addition to Midtown East, where older office buildings are being replaced with newer, higher-quality assets. The inclusion of hotel space at the top adds another layer of income and diversification. Large office projects like this are targeting top-tier tenants willing to pay for premium space.

What financing challenges mean for execution

RXR and its partner TF Cornerstone are seeking up to $4.8 billion in federal loans to help fund the project. The developers are also working to secure an anchor tenant, which is critical for financing large office developments. Traditional lenders have been cautious on office deals, making pre-leasing more important than ever. Without strong tenant commitments, projects of this scale can face delays.

What leasing strategy means for demand

The development team has already opened a leasing gallery and is actively marketing the project to major tenants. Efforts include pitching institutional investors and potential occupiers to secure early commitments. Landing a major tenant will be key to moving the project forward. Pre-leasing remains one of the biggest drivers of success in new office construction.

What location next to Grand Central means for value

The site sits next to Grand Central Terminal, one of the most connected transit hubs in the country. This location offers unmatched access for workers commuting from across the region. Properties near major transit hubs tend to maintain strong demand even in weaker office markets. For tenants, access and convenience remain top priorities.

What this means for New York investors

This proposal shows that developers are still willing to pursue large office projects in prime locations despite market uncertainty. Midtown East continues to attract investment due to its infrastructure, tenant base, and long-term value. New, high-quality buildings are expected to outperform older stock. For investors, this reflects a shift toward premium office assets in core locations.