Gary Barnett is finally getting his massive Times Square vision off the drawing board. Locals refer to the 740 Eighth Avenue tower as the Torch, and Extell Development announced on Wednesday that Hyatt Hotels is now its official hospitality partner, according to Commercial Observer. This deal brings the North American debut of Hyatt’s StandardX brand to a site that has been a construction zone for years.
The move follows a major financing win for the developer, who secured a $1.25 billion construction loan led by J.P. Morgan back in September. With the hotel anchor locked in, the 60-story supertall is moving from a bold concept to a concrete reality in the heart of Midtown.
Building a New Energy for the Square
The Torch is set to be a monster of a building, featuring a 1,800-room hotel that will rank among the largest in the city. Beyond just sleeping quarters, the tower includes 130,000 square feet of advertising space and 94,000 square feet dedicated to food and beverage operations. The design also calls for three observation decks and a wild 250-foot amusement ride that will likely draw crowds from all over.
Ari Alowan Goldstein, the senior vice president at Extell, addressed the partnership in a statement released Wednesday. He said, “The StandardX team shares our vision for creating places that stand apart, and together we’re bringing a new energy and perspective to Times Square.” The building itself is a unique sight, with a stemlike column and a spiraling, pleated crown that stands out against the more conservative skyscrapers nearby.
The Money Behind the Tower
According to financial filings, Extell anticipates this project will produce a stabilized net operating income ranging from $250 million to $270 million annually. That kind of revenue is exactly what New York needs to keep its tourism and hospitality sectors healthy. The project is backed by a 40-year franchise deal with Hyatt that reportedly includes an additional $60 million in project financing.
Construction is already well underway, with roughly half of the stories finished between West 45th and West 46th streets. The tower shares its address with 255 West 45th Street, where the StandardX Times Square will officially be located. While the hotel is the headline, a second partnership involving a 15-year restaurant deal at the site remains undisclosed for now.
This project represents a significant shift for a part of the city that has struggled to find its footing post-pandemic. Bringing a massive, high-end hotel back to Times Square signals confidence in the area’s future. It also means thousands of construction jobs and, eventually, thousands more hospitality jobs once the building opens.
The architectural gamble of the Torch could pay off by making the skyline more interesting and the tourist experience more dynamic. If the numbers hold up, this tower could become a cash cow for the city and a new landmark for visitors. We need more development like this that actually delivers on its promises.
This is opinion and commentary from the RapForMayor team.
