^ It's bad considering what and where it is. We're talking Penn Station, the top commuter transit hub in the country. It should be as developed as the area around Grand Central. Instead, we have parking lots, open and enclosed around the area, many buildings that have seen better days, and lowrise retail strips. It should be developing as much as Hudson Yards is.
The thing with Vornado is, they can never make up their mind about anything. First they're building 15 Penn. Then they're not. Then they're building it again. And then again, maybe not. There was the Penn East tower, with a modified base of 1 Penn. Then that was scrapped. Who knows what they will do with their holdings in the area. The plan to open Penn Station to more daylight was exciting enough, but now that may go the way of everything else Vornado has touched in the area. Meanwhile, Related, Brookfield, and Tishman are moving right along, in an area further removed from transit. You won't find a better location for a tower than the Hotel Penn Site, or Vornado's other holdings in the area.
We'll see what becomes of this...
https://therealdeal.com/2018/05/01/v...self-up-again/
Quote:
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Steven Roth, CEO of the firm, said it’s possible Vornado will spin off a development company from its income-producing real estate. The rationale: Vornado has several expensive development projects in planning around Penn Station, and REIT investors tend to dislike the uncertainty associated with development.
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Lot's of potential...
