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  #1001  
Old Posted May 3, 2022, 8:33 PM
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https://www.fool.com/earnings/call-t...ings-call-tra/

Vornado Realty Trust (VNO) Q1 2022 Earnings Call Transcript


By Motley Fool Transcribing
May 3, 2022


Quote:
Daniel Ismail -- Green Street Advisors -- Analyst

Just a last question for me on Penn District and [Inaudible] There's been a variety of news articles going back and forth about the potential additional density there and the state versus the cities plans.

I'm just curious, can you give us an overall update as to what's going on with any potential rezoning and any potential time line on that as well?

Steven Roth -- Chairman and Chief Executive Officer

Yes. I think we'll stand pat on that. I mean, this is a -- basically, the City of New York and the State of New York are partners and government. The MTA and the transit is basically a state asset, the capital plan that will be expended and Penn Station is basically state capital.

So it makes lots of sense and there's multiple, multiple historic precedents for this for the state to be in -- I'm going to use the word in charge, that's really not an accurate word, of the zoning and the development process. The city and the state are cooperating on that. There's been extensive public hearings on the plan and the proposal. The political leadership in terms of the governor and the mayor have both endorsed the plan.

And I think that's about all that I have to say about it. Obviously, we support it.
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  #1002  
Old Posted May 10, 2022, 4:33 PM
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New York's Plan To Fund 18M SF Penn Station Redevelopment Doesn't Add Up, Report Find

https://www.bisnow.com/new-york/news...n-plans-112943

"...Some of the towers would include housing, a fraction of which would be dedicated as affordable, but much of the space is slated for new office and retail. With revenue from the commercial development pitched as the funding mechanism for the infrastructure improvements — and the towers not projected to be delivered until 12 years after Penn Station — the IBO said the project would be destined for revenue shortfalls that would be picked up by taxpayers.

Adding further difficulties for the redevelopment, reliance on office leasing to generate revenue may no longer be a certain route: With the future of the office in doubt, the IBO also had questions about how viable plans for Class-A offices near Penn Station would be. The report also pointed out that if Penn Station’s new office buildings are successful, they could undermine demand for space at Hudson Yards, another development subsidized with taxpayer funds.

“While few would argue about the need for improvements at Penn Station, many key questions remain unanswered under the state’s current proposal, particularly around the construction cost, timing, financing, and risk management of the projects,” the IBO report states. “This information is critical for the plan to be evaluated in terms of both potential risks and benefits to the state and the city—a necessary step before moving ahead with a plan that could impact city and state taxpayers for years to come.”... "
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  #1003  
Old Posted May 10, 2022, 10:07 PM
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https://commercialobserver.com/2022/...office-report/

Quote:
”There’s a lot of information missing that you would want to have before you commit to moving ahead with this particular plan,” George Sweeting, IBO’s acting director, told Commercial Observer. “It’s not whether this project is good or bad. … We’d like to have more information about the specifics of the plan. How much is it actually going to cost? How much are they going to finance it? How are these payments structured?”
Quote:
…. While the IBO questioned the state agency’s lack of a firm budget or debt structure, the ESD said it would have that information before it presents a final plan to its board in the next two months.

“When we come back with our final project plan, I think the most important thing is that we will have an agreement with the city on any kind of PILOT structure or things that will impact city taxes,” said Holly Leicht, an adviser on the Penn Station-area project at the ESD. “We’re not going to bring it to our board until we have that agreement in place.”


Just more noise about nothing.
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  #1004  
Old Posted May 29, 2022, 2:17 AM
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  #1005  
Old Posted Jun 9, 2022, 12:51 PM
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There should be an outlining of the next steps today.
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  #1006  
Old Posted Jun 9, 2022, 1:07 PM
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NY is in a league of its own!
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  #1007  
Old Posted Jun 9, 2022, 1:46 PM
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The Governor is doing a live webcast at 9:30.
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  #1008  
Old Posted Jun 9, 2022, 1:54 PM
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Originally Posted by MAC123 View Post
The Governor is doing a live webcast at 9:30.
I suspect that she’ll manage to divert some graft funding to her husband.
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  #1009  
Old Posted Jun 9, 2022, 2:50 PM
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  #1010  
Old Posted Jun 9, 2022, 2:55 PM
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Okay the video disappeared after the live show was done and I only caught the end of it, so I have no idea what was said. And I don't know where to find the video now.
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  #1011  
Old Posted Jun 9, 2022, 3:15 PM
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^Pretty much nothing us here in the choir didn't already know. The presser was geared to a laymen audience and more of a politician parade than technical briefing.
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  #1012  
Old Posted Jun 9, 2022, 3:26 PM
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The main takeaway is that they're selecting a winning firm for the Penn redesign by late summer/early fall.

Excited to see all the firms' submissions, so we know all potential options.

Has anyone been in Moynihan Hall lately? It's absurdly overcrowded, already. Even with commuting into Manhattan still way down. Penn expansion can't happen soon enough.

Once commuting reaches "normal" pre-pandemic levels, Penn will be a nightmare. They need to get to work on this within months. You also have a probable huge increase in Amtrak ridership, due to the new Acela improvements and capacity expansion, you have Metro North coming soon to Penn, and NJT wants to expand service. Penn needs gigantic capacity improvements.

And Phase II, the additional eight tracks alongside the second tunnel via Penn South, will be the most important part. But until then, Penn just needs more room.
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  #1013  
Old Posted Jun 9, 2022, 3:50 PM
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Quote:
Originally Posted by Crawford View Post
The main takeaway is that they're selecting a winning firm for the Penn redesign by late summer/early fall.

Excited to see all the firms' submissions, so we know all potential options.
Which posts have the submissions? I've only seen one, the boxy towers with tree terraces.
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  #1014  
Old Posted Jun 9, 2022, 3:59 PM
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Quote:
Originally Posted by DCReid View Post
Which posts have the submissions? I've only seen one, the boxy towers with tree terraces.
Are you referring to the Empire Station towers?

This announcement is only about the the expansion of the existing Penn Station complex (aka Empire Station Phase I). So building a huge train hall between MSG and 2 PP.

It doesn't reference the future towers, nor the more impactful Empire Station Phase II, nor the new tunnel/platforms, nor what to do with MSG. But it is an important first step.
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  #1015  
Old Posted Jun 9, 2022, 4:08 PM
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  #1016  
Old Posted Jun 9, 2022, 4:33 PM
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Quote:
Originally Posted by MAC123 View Post
Okay the video disappeared after the live show was done and I only caught the end of it, so I have no idea what was said. And I don't know where to find the video now.
It has to do mainly with the RFP for the rebuilding of Penn Station. No technical details, but the official start of that phase.


https://patch.com/new-york/new-york-...july-28-ny-gov

Proposals To Redesign Penn Station 'Embarrassment' Due July 28: NY Gov
"This time we’re going to get it right," Gov. Kathy Hochul said Thursday, promising a new Penn Station that won't be compared to "hell."



By Matt Troutman
Jun 9, 2022


Quote:
The firm that will be tapped for Penn Station's upcoming $6 billion redesign has one major requirement: don't make another "hell."

Proposals for the project are now open and will be due July 28, Hochul said. A winning firm will be selected by late summer or early fall, she said.

Hochul in January unveiled a $6-to-7-billion renovation plan to convert Penn into a single-level train hall — thus doubling concourse space — and 460-foot-high atrium.

“And a skylight that reminds you that, yes, the heavens are out there still, despite the feeling that you may be living in hell,” she said Thursday, to laughter.

Indeed, Hochul deliberately evoked memories of the first Penn Station, which was demolished starting in 1963 — an act that her former boss Sen. Daniel Patrick Moynihan called "the greatest civic crime in New York History."

The current Penn Station is famously unloved.

“Today, rather than a point of pride, it’s become a source of embarrassment,” Hochul said.
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  #1017  
Old Posted Jun 9, 2022, 5:41 PM
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https://www.northjersey.com/story/ne...ul/7558285001/

A facelift for Penn Station? Govs. Murphy, Hochul make request for proposals


Colleen Wilson
June 9, 2022


Quote:
….. The renovation of Penn, estimated to cost around $7 billion, could include consolidating the concourse waiting area into one level, constructing more escalators, stairwells, elevators and entrances, and connecting Penn and Herald Square with a new underground pedestrian corridor. There are also discussions about repurposing a former taxiway into a glassed-in entrance, according to a Politico report.

This project is one of several proposed as part of a new vision for the area around the train station. The other proposals include:

-Building eight new tracks south of Penn Station for primarily NJ Transit use.

-Constructing 10 new mixed-use buildings that could help pay for the plan.

-Rehabilitating the more than 110-year-old train tunnel under the Hudson River and constructing a new one, as part of the Gateway program.

The New Jersey contingency at Thursday's announcement also emphasized the need to move ahead with the tunnels, or else, as Murphy said, "having a new Penn Station doesn't mean much." A memorandum of understanding between the two states should be announced in the coming weeks to outline how the states will pay for that $12.6 billion project.

“Gov. Hochul and I were discussing the fact that we need to have a sense of urgency around this and we both agree with that," Murphy said. "The MOU and term sheet are the highest priorities and they’re not on the backburner at all."

Lieber, who heads the MTA, said there is urgency to begin construction on Penn Station's renovations because commuter traffic will be relatively low in the coming years. Some Long Island Rail Road trains will begin stopping at Grand Central Station, as part of the long-awaited East Side Access project opening to commuters later this year. In five or six years, some Metro-North trains will stop at Penn Station.

“We must use that window when there are few legs, railroad commuters in Penn Station to really transform it and we’re going to do just that," Lieber said.
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  #1018  
Old Posted Jun 9, 2022, 9:24 PM
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From the mayor’s office…


https://mobile.twitter.com/nycmayors...43416169152513


Quote:
New Yorkers deserve a cleaner, more spacious and easier to navigate Penn Station.

And we're doing that with the help of @GovKathyHochul's team. This redevelopment project will be funded through commercial projects and private development.

This is or #EmpireStateMoment










https://mobile.twitter.com/nycmayors...43416169152513

Quote:
Today, I joined @GovKathyHochul and @GovMurphy to announce the redevelopment of Penn station.

One year after the Great Depression, the Empire State Building was built and became a symbol of our strength and resilience.

This is our #EmpireStateMoment






Wouldn’t be a party without this…





Quote:
A group- Trains before Towers- is protesting outside Penn Station blasting
@GovKathyHochul for what they are calling a “secretive” redesign process and say the transit system needs to be fixed before more money is spent on a new train hall.





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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

Last edited by NYguy; Jun 9, 2022 at 9:42 PM.
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  #1019  
Old Posted Jun 11, 2022, 1:56 AM
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A little information from the RFP, bids are due by the end of next month...










































The bids will produce their own renderings of what the rebuilt station would look like, but the conceptual renderings that were released last year give an idea of the openness they are looking for...



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14.





With so much construction going on, they should take the opportunity to rebuild Madison Square Garden in the disruption.
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  #1020  
Old Posted Jun 12, 2022, 2:33 PM
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While I’d like to see MSG move, at a minimum, it needs a new facade. It looks horrible.
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