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A blog from CityRealty (Links below will take you to the 6sqft site)

Features

Google Earth aerial with 12 East 48th Street; CityRealty Google Earth aerial with 12 East 48th Street; CityRealty
Hidrock Realty is building a 32-floor hotel in the heart of Midtown at 12 East 48th Street. The Manhattan-based firm led by CEO Abraham Hidary acquired the through-block assemblage for $47M in 2014, according to a story from TRD last year. The centrally-located site is near Rockefeller Center between Fifth and Madison avenues and is across 47th Street from L&L Holding Company's dramatic office remake of 390 Madison Avenue. At the peak of the residential market in 2014, Hidrock proposed building condos with amenities specifically targeting the international pied-a-terre market.
12-East-48th-Street Construction site as of early June 2017; CItyRealty
12-East-48-0923 Foundation work ongoing; CityRealty
Now foundation work is underway for 161-room hotel tower designed by Handel Architects. A rendering of the tower recently surfaced on the social media feeds of BAMCO who is manufacturing the rainscreen panel system that will envelop the structure. The patterned exterior of oversized windows framed by creased white panels is not unlike CetraRuddy’s 242 West 53rd Street tower several blocks west.
Building permits and drawings show the tower will rise 377 feet to the top of its elevator bulkhead —sizeable in nearly any other city, but not so much in Midtown. The hotel will be stacked with the typical package of lodging amenities, a retail space, and 5-7 suites per floor.
12-East-48th-Street-23 Via @gobamco at Instagram

Additional Info About the Building