New York has eight five-star hotels, with the Mandarin Oriental the only one built in the past 11 years, according to STR. The hotel, located on Columbus Circle with views of Central Park, has suites as large as 2,640 square feet and a spa room with a fireplace and private steam shower.

With other luxury projects under construction, including Marriott International Inc.’s boutique Edition hotel in Times Square and the Baccarat Hotel and Residences on 53rd Street, Park Hyatt will face some competition, according to Bhalla.

“At the moment the demand is all right, but there’s a lot of new supply growth in New York,” he said.

Billionaires Row

Upon completion, Hyatt’s $253 million investment will make it the owner of more than 65 percent of the hotel in partnership with Extell, according to Haggerty.

One57 and other luxury residential skyscrapers being developed on 57th and 53rd streets are transforming an area of Midtown that’s known for its corporate offices, restaurants and tourist destinations. Three blocks east of Extell’s tower, a penthouse is under contract for $95 million at 432 Park Ave. Macklowe Properties and CIM Group’s project has surpassed One57 in height and is slated to reach 1,397 feet when completed.

At One57, more than 75 percent of the units have sold, according to Jeffrey Dvorett, senior vice president of development at Extell. Bill Ackman, founder of New York hedge- fund firm Pershing Square Capital Management LP, is part of an investor group that agreed to purchase one of the apartments, a duplex on the 75th and 76th floors, for more than $90 million.

Recently completed deals at the 90-story tower include a $30.4 million unit on the 61st floor bought by a limited- liability company and a $17.8 million apartment that sold to Richard Kringstein, the CEO of outerwear company Herman Kay Co., city property records show.

87th Floor

One of tower’s 11 full-floor units is still for sale, at $67 million, Dvorett said. The 6,234-square-foot condo on the 87th floor offers views of Central Park, Midtown and Downtown, as far as the eyes can see.