NEW YORK - Developers are planning to tear down and rebuild one of the city's most famous hotels.

They're looking to replace the Grand Hyatt Hotel in Midtown with a new building that includes a smaller luxury hotel, along with office and retail space.

The 26-story hotel located on East 42nd Street was built in 1919.

In the late 1970's, Donald Trump rebuilt and remodeled the Grand Hyatt.

It was his first major Manhattan development, but he sold the property in 1996.