15 Penn Plaza has been canceled...
But to be honest, I never believed in the project anyway.
http://online.wsj.com/article/SB1000...211087498.html
Quote:
Also Monday, Vornado Chairman Steven Roth told investors at a Citigroup Inc. C +1.51% conference that the company was abandoning its longtime plan to replace the Hotel Pennsylvania in Manhattan with an office tower. The company, rather, has finalized its plan to invest in an upgrade of the downtrodden hotel across from Madison Square Garden. The move is likely to involve bringing in a new operator and partner.
"We're not going to tear down the hotel," Mr. Roth said. "In fact, we're going to invest in it aggressively and try to make it into a really profitable, really good hotel for our purposes."
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