A developer plans to build a 65-story tower directly west of Grand Central Terminal in Midtown Manhattan that would soar 1,200 feet above 42nd Street, 150 feet taller than the landmark Chrysler Building, under a proposal by the de Blasio administration.

The tower, on the block bound by 42nd and 43rd Streets between Vanderbilt and Madison Avenues, would be the corporate home for TD Bank, a major financial institution currently in New Jersey, if all goes according to plan.

Just as important, the project would transform an area around Grand Central by creating an underground connection between the new skyscraper and the terminal, as well as a public “waiting room” in the lobby of the tower for commuters. It would also convert a stretch of Vanderbilt between 42nd and 43rd into a pedestrian plaza.

The tower is part of a plan by Mayor Bill de Blasio to allow for new, taller office towers in one of New York’s premier office districts, while addressing the need for better transportation around Grand Central.