This is from May 15, 2001. That building is still there.
This site has long been rumored for a replacement supertall. It has an enormous footprint, favorable zoning and direct connections to Grand Central.
It will happen, one day. Hopefully sooner rather than later.
I’d basically try and recreate the Union Carbide building there. Replace an ugly, meaningless building built in 1985 with a striking recreation of a badly-needed, currently-missing mid-century modernist landmark. With the Roosevelt, Grand Hyatt and a few more prewar buildings gone, that should justify taking out at least one of the 1980s filler buildings.
Just a rough idea of what could go there. Nothing special, but it certainly raises the bar and reclaims what we lost with the Union Carbide Building being demolished. Puts pressure on the 1980’s filler buildings, and takes it off of the prewar, terminal city buildings that are still there.