The Hotel Savoy was located on 5th Avenue and 59th Street just across from The Plaza Hotel. The hotel was torn down in 1964 to make way for the 50 story General Motors Building but this location remains one of world’s prime real estate 

sites.

The following excerpt describes the back story of the hotel:

"The history of the site was intriguing," observed Jerry E. Patterson in his fine book, "Fifth Avenue, The Best Address," Rizzoli International Publications, Inc., 1998): "As early as 1870, Boss Tweed had decided that the site was the finest in the city for a new hotel and for the investment of the loot he had acquired during his reign as lord of the city treasury; he began excavations for a building he planned to call the Knickerbocker. Tweed's fall meant that The Knickerbocker never got built. The plot remained a vacant eyesore until the twelve-story Hotel Savoy, designed by Ralph S. Townsend, was built and opened in 1892. The public rooms were embellished with an array of marbles that must have been absolutely dazzling....Although referred to as a hotel, the Savoy was actually a luxury apartment house with more-or-less permanent residents. These included in 1914 Charles H. Hayden; Roland F. Knoedler, the art dealer; and Mrs. Rhinelander Waldo, who had just built an extraordinary Renaissance house on the southeast corner of Madison Avenue and Seventy-second Street but did not live in it."

The tenants at the Hotel Savoy enjoyed their own luxury accommodations with a restaurant on premise that was at their beck and call. The Rhinelander mansion would become a flagship Ralph Lauren store.