175parkave

175 Park Avenue (the Project) is a transformative, transit-oriented development led by RXR and TF Cornerstone directly adjacent to the iconic Grand Central Terminal. The Project includes the acquisition of the 57,292-square-foot site, the demolition of the existing hotel, and the construction of a new, mixed-use office and hotel building with retail, public space, and transit and public concourse improvements.

The expansive package of transit and public realm improvements, which have been coordinated with the MTA, are intended to improve the pedestrian experience and reduce congestion at Grand Central Terminal and the Grand Central – 42nd Street subway station and create a healthier, safer, and improved commuting experience for hundreds of thousands of commuters each day.

The Project is seeking federal financing through the Railroad Rehabilitation and Improvement Financing (RRIF) loan program, which is administered by the Build America Bureau within the United States Department of Transportation. As a result, the Project is subject to the provisions of the National Environmental Policy Act of 1969 (NEPA). The Federal Transit Administration (FTA) served as the lead federal agency for the NEPA review. Following completion of the Environment Assessment and public review process, FTA issued a Finding of No Significant Impact (FONSI).

Prior to NEPA, the Project was approved by the New York City Council as part of the City’s Uniform Land Use Review Procedure (ULURP). A Final Environmental Impact Statement (FEIS) was prepared for the Project pursuant to City Environmental Quality Review (CEQR), Mayoral Executive Order No. 91 of 1977, CEQR Rules of Procedure of 1991 and the regulations of Article 8 of the State Environmental Conservation Law, State Environmental Quality Review Act (SEQRA) as found in Title 6 of the New York Codes, Rules and Regulations (NYCRR) Part 617.