NEW YORK | 15 Penn Plaza (Hotel Penn) | 1,200 FT / 388 M | 61 FLOORS

[HyperPower]

Originally Posted by MAC123

You can think whatever you want about the design, but a tower of that size or bigger is going to rise there and in other adjacent lots in the future. The ESB will be blocked eventually and that's just something you're going to have to get over.

Vornado already stated they're not building east of 7th Ave anytime soon, should read the threads more as this is a potential site of MSG and not this blocky tower. Something will be built but its still to early to tell what.

We're not in a recession

'The U.S. economy shrank in the spring 2022 for the second consecutive quarter, meeting the criteria for a so-called technical recession, as raging inflation and higher interest rates forced consumers and businesses to pull back on spending.'
https://www.google.com/amp/s/www.fox...-recession.amp

Vornando knows higher interest rates and falling or stagnant demand for commercial space in the city is part of the reason for hitting the breaks. Along with the potential redevelopment of MSG/Penn which would take years. And the country is in decline with raging inflation.

[NYguy]

Originally Posted by MAC123

You can think whatever you want about the design, but a tower of that size or bigger is going to rise there and in other adjacent lots in the future. The ESB will be blocked eventually and that's just something you're going to have to get over.

This tower is going to rise there. Whether or not Vornado changes design remains to be seen. One thing for certain, this tower won’t be built without a tenant now, which is how things usually go. But plans were never abandoned or canceled.

“I inadvertently created a whirlwind when I made what I thought was an obvious comment on our third quarter 2022 conference call that, ‘the headwinds in the current environment are not at all conducive to ground-up development,’ which was interpreted as our abandoning the grand plan,” he wrote in a letter to shareholders. “Nothing could be further from the truth. A pause necessitated by economic conditions is not abandoning.”

[Zerton]

There has to be a more elegant way to place green space up the tower.

[NYguy]

Originally Posted by Zerton

There has to be a more elegant way to place green space up the tower.

Don't take what the renderings show to be exactly how it will appear. They hire teams to design what the actual green space will look like. The renderings are just meant to show that there will be some.

[NYguy]

APRIL 23, 2023


I think we're down to about 4 floors...

















If they really want to finish it quickly, they should turn loose Knicks fans on the property. That same scene from even earlier today (via twitter), Knicks fans take to the streets...

[NYguy]

https://therealdeal.com/new-york/202...penn-district/

Vornado planning apartment building in Penn District


By Kathryn Brenzel
May 2, 2024

….. on Tuesday, Roth again insisted that the real estate investment trust had not abandoned the project and revealed that he expects to begin with an apartment building.

“We’re gonna take a breath,” Roth said in response to an analyst question about Penn during the company’s first-quarter earnings call. “The prospect of doing ground-up development — we will likely start with an apartment project.”

… The company is in the process of demolishing the Hotel Penn at 401 Seventh Avenue, but still plans to build an office tower there, according to earnings filings.

… On Tuesday’s call, Roth said any assumption that Vornado is stopping work in the Penn District is “just plain silly.” Still, he would not specify what the REIT’s ultimate role will be in the state’s plans.

More quotes from Roth…

https://seekingalpha.com/article/459...all-transcript

We are full speed ahead on our current projects, total over 5 million square feet in the PENN District. Any comment in the newspapers or industry tabloids that we have stopped this incorrect and just plain silly. Just take a look at our three block long construction site when you next go through PENN Station or next go to a the playoff game.

….. A couple of other comments. We think we have seen the peak in work from home. More and more CEOs are now requiring their employees back to the office. With each passing week, the office buildings feels more like 2019. And we believe it's just a matter of time before everyone is back for good. New York City seems to be leading the country in this rega…

We have done a massive and very successful renovation of PENN1 where we have driven the rents from $55, $60 to the stunning side of $100 a foot and delivered value to our tenants and we are in the middle of a $1 billion renovation of PENN2.

We -- together with that, we are doing area-wide improvements infrastructure to the public realm and we're going to take a breath. The prospect of doing ground-up development, we will likely start with an apartment project. But we have not yet announced what we're doing, we're in the middle of planning that and we're actually very excited about it.

[NYguy]

May 5, 2023

[NYguy]

https://www.gettyimages.com/detail/n...?adppopup=true

[NYguy]

About a week or two ago...

[NYguy]

May 19, 2023

[NYguy]

JUNE 9, 2023

[Drcastro]

Will the billboard be the very last thing to go? Or will it even remain until the new building gets going?

[NYguy]

Originally Posted by Drcastro

Will the billboard be the very last thing to go? Or will it even remain until the new building gets going?

That’s a good question. The signage in this stretch is mandated by the City, even for the new developments. Beyond that, they bring in big bucks. So in the interim, it wouldn’t shock me to see some variation of it.

[NYguy]

Slowly getting to the finish line...

[NYguy]

https://t.co/xVmajF0F8Z

[Busy Bee]

Use your imagination and you can see a new MSG with towers above. The site from 34th to 32nd and 7th to the lot line behind the Gimbels building is nealry the exact same size as the current MSG. And by the way did you know the old Korvette building, i.e. Herald Center, One Herald Sq, the H&M has 180,000 sq ft of unused development rights? I'd love to see the edifice of the old Gimbels/A+S/Manhattan Mall restored and saved as well as the skybridge and the rest of the entire two blocks leveled and replaced with a new MSG that spanned over 33rd St with a main entry to the arena and theater focused on Herald Sq and 34th. I can see an enormous glass atrium with banks of escalators taking people up two levels to the main lobby of a new MSG.

[BK1985]

I don’t think the city demaps streets anymore, especially for entities that don’t pay taxes.

[Busy Bee]

I didn't say "de-map". I said span or "bridge-over"... at perhaps a height of 40-50 feet or so. For security reasons it could be access limited though and quasi-pedestrianized. De-mapping would be useless anyway as Penn Station tunnels are under 33rd and 32nd so no contiguous foundation could cross the street anyways.

[Busy Bee]

I can also envision a scenario where an MSG entry is located in the base of a new tower at Site 5 across Seventh Av and a bridge crosses Seventh into MSG so entry controls and all the space that entails could be located outside the perimeter of the arena footprint - one off Herald Sq and one directly adjacent to Penn Station. This of course would obstruct the canyon effect view perspective up and down Seventh but nonetheless would look pretty neat in its own right.

[NYguy]

Originally Posted by Busy Bee

I didn't say "de-map". I said span or "bridge-over"... at perhaps a height of 40-50 feet or so. For security reasons it could be access limited though and quasi-pedestrianized. De-mapping would be useless anyway as Penn Station tunnels are under 33rd and 32nd so no contiguous foundation could cross the street anyways.

The City is not interested in that. It would have the same effect as a “superblock”, effectively cutting that street from the sky. Not to mention it charges for any impediments over its streets or sidewalks. It makes no sense considering MSG already sits on a superblock.