If RXR is finding it hard to finance its tower, Vornado is never going to finance this. Also, I don’t see a tenant paying $300/sf in this dump. If the government is counting on payments from Vornado derived from this hypothetical tower to finance Penn, then the money simply won’t be there.
Further, the Penn Station stabbing by an emotionally disturbed homeless person yesterday underscores the vile character of this area.
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This is the dump that Vornado wanted. They were oblivious to the maxim: “Watch what you wish for.”
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