[Amanita]

Vornado seems to treat its office buildings differently- One Penn Plaza is in great shape and its management is extremely proud of their building. 1290 6th Avenue is likewise beautifully maintained, as are its other Manhattan office towers. They even gave 330 Madison a full reclad and lobby makeover a few years ago.

As for Hotel Penn, I was under the impression that they left that one in lousy shape (I suspect it wasn't so hot when they bought it) because they originally planned to tear it down and replace it with 15 Penn. Why sink money into a hotel that you're just gonna tear down soon, anyhow? Now it seems to be stuck in a holding pattern, while plans for the area get worked out. At some point it might well get torn down, Vornado might decide to keep it as a hotel (at which point it would get a good overhaul), or they might say "screw it" and sell it to somebody else who's willing to run it as a proper hotel. It's in a great location, and could be cleaned up, with an eye towards tourists (the hotel is right next to Penn Station and MSG, which would make its location great if it weren't currently such a mess)