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  #1561  
Old Posted Apr 10, 2021, 9:29 PM
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I hope that Roth doesn’t prioritize this over 350 Park.
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  #1562  
Old Posted Apr 11, 2021, 1:53 PM
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Originally Posted by JMKeynes View Post
I hope that Roth doesn’t prioritize this over 350 Park.
So long as Blackrock's ambitions are set, I think 350 Park will have a good chance of rising.

I just hope they don't commit to say Hudson Yards. I'd like to see that Park Avenue tower.
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  #1563  
Old Posted Apr 11, 2021, 4:07 PM
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Originally Posted by chris08876 View Post
So long as Blackrock's ambitions are set, I think 350 Park will have a good chance of rising.

I just hope they don't commit to say Hudson Yards. I'd like to see that Park Avenue tower.
I concur.
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  #1564  
Old Posted Apr 11, 2021, 4:44 PM
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Originally Posted by WhatTheHeck5205 View Post
I’d rather it sit as a parking lot for a while if it means the NIMBYs no longer have “save the Hotel Pennsylvania” as a rallying cry. Can’t preserve what’s no longer there. And honestly, this is probably the only part of Manhattan where a surface parking lot isn’t going to damage the streetscape, because there isn’t any streetscape to begin with.
A parking lot on this site, even a temporary one, would be absurd. One of the good things about the overall Empire Station redevelopment is that it gets rid of the above ground parking lots. Midtown isn’t the place for that, especially next to the city’s greatest transportation center.



Quote:
Originally Posted by JMKeynes View Post
I hope that Roth doesn’t prioritize this over 350 Park.
350 Park is on it’s own timeline, and won’t be available for development for a few years. This site is available now, and with the hotel no longer operating (it was always an excuse to hold on), becomes that much more a priority.

As the first major new office tower to go up in the area, 15 Penn will be a catalyst for change, much the same way as the Coach tower was for the Hudson Yards. (Even with 1 and 2 Penn getting makeovers).
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  #1565  
Old Posted Apr 12, 2021, 12:41 PM
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https://www.barrons.com/articles/vor...ow-51618225200

Quote:
By Andrew Bary
April 12, 2021


.....The Hotel Pennsylvania site is large stretching for an entire block on 7th Ave. The hotel has been closed for a year. Roth wrote that “we will permanently close and raze the hotel to create the premier development site in town. The process from today to the fully demolished and ready-to-go site will take less than two years.” Roth said the company is working to design a building for the site.

The old prewar hotel had seen better days and has become a midtown eyesore. Vornado nearly had a deal with Merrill Lynch to build a world headquarters for the brokerage firm in 2007 on the site but it fell victim to the 2008-2009 financial crisis.

“This decision was inevitable… the Pennsylvania may have been a grande dame in its time, but it is decades past its glory and sell-by date,” Roth wrote, while noting the company will keep the Pennsylvania 6-5000 phone number for the hotel, which was popularized by a Glenn Miller song in the 1930s. That phone number has been in use continuously for longer than any other in New York.

Sakwa wrote that he values the Hotel Pennsylvania site at $513 million, “which is probably conservative especially if VNO can land a major tenant for this site over the next few years.”
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