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  #121  
Old Posted May 4, 2019, 4:39 PM
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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.
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  #122  
Old Posted May 17, 2019, 1:23 AM
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https://ny.curbed.com/2019/5/16/1862...nce-renderings

Penn Station’s new main entrance gets fresh renderings
The new entrance at 33rd Street will bring light into the cramped station






By Amy Plitt
May 16, 2019


Quote:
With a little more than two years to go before Penn Station is transformed into the brand-new Moynihan Train Hall, some new details about the revamp are being brought to light—specifically, new renderings and specs for an entrance at 33rd Street and Seventh Avenue, which will function as the main entrance of the train depot.

The entry, to be known officially as the East End Gateway, will lead passengers into the Long Island Rail Road concourse via an open, airy atrium with three escalators. It will be “literally the first time you will have illumination and light in that concourse in over 50 years,” according to Gov. Andrew Cuomo, who unveiled new renderings at a press conference earlier today.

“Passengers will be able to come in that entrance and avoid the front of Penn Station, there will be less traffic and you’ll have access to the subway and the LIRR,” Cuomo said. “It will be a gateway to a world class facility. This is not a proposal—we are getting to work now.”

There will be improvements above and below ground as part of the finalized plans for the entrance. At street level, there will be a new public plaza on 33rd Street—where some pedestrian-only access already exists—as well as a glass atrium with a 32-foot-tall overhang. Underground, the entrance will lead to a concourse with taller ceilings and wider floorplans—a boon for LIRR riders, who currently use one of the most cramped and claustrophobia-inducing parts of Penn Station.


















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  #123  
Old Posted May 17, 2019, 1:54 AM
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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.
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  #124  
Old Posted May 17, 2019, 7:18 AM
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unimaginative white garbage good job everybody!
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  #125  
Old Posted May 17, 2019, 3:16 PM
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Penn Station deserves more, but this is what they're insisting on moving forward with. 2 Penn should have been taken down and we could have had a new start. It's a minor miracle though that this small portion will be opened up to daylight.
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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.
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  #126  
Old Posted May 17, 2019, 5:09 PM
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Not great but a lot better than what exists now, which is a shameful disaster for what should be a world class train station, the busiest in New York City. At least we get Moynihan Station too. I so wish we could push out those grubbing Dolans and be rid of MSG in the area once and for all, but that probably isn't happening.. so guess this is the best we can get.
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  #127  
Old Posted May 17, 2019, 5:14 PM
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its fine and i dont see how anything else could ever be done without getting rid of everything at ground level.

face it we are stuck with msg and the man men era penn bldgs forever.
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  #128  
Old Posted May 17, 2019, 5:59 PM
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What a waste! At least there is a pretty good chance that the current plans are going to be modified or even temporarily cancelled because the area needs boldness, not this cookie-cutter low-grade work that might as well be dumped in some suburb instead of the nation's busiest railway terminal. It genuinely baffles me that Penn Station and its immediate environs are so neglected, so much more is achievable.

Honestly I'd rather see this fecal matter proposal get flushed and then Vornado and the State can try again in a few years with a fresh set of decision makers, after Cuomo is out of office.
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  #129  
Old Posted May 19, 2019, 1:28 AM
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Quote:
Originally Posted by Eidolon View Post
What a waste! At least there is a pretty good chance that the current plans are going to be modified or even temporarily cancelled because the area needs boldness, not this cookie-cutter low-grade work that might as well be dumped in some suburb instead of the nation's busiest railway terminal. It genuinely baffles me that Penn Station and its immediate environs are so neglected, so much more is achievable.

What you see in that last set of renderings is what's getting built, starting this summer. That includes the expanded 2 Penn, and the new entrance to the station below.

Planning for the interior of Penn Station will get underway when Moynihan opens in a couple of years.


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  #130  
Old Posted May 19, 2019, 6:27 PM
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I dream of them building a megatall at 15 penn, and then another megatall on the site of MSG
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  #131  
Old Posted May 20, 2019, 1:57 AM
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This station will hopefully be re done as it needs to be in a few years. This entrance is just mediocre.

Last edited by NYguy; May 20, 2019 at 5:09 PM.
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  #132  
Old Posted May 20, 2019, 4:56 PM
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Work is beginning.

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  #133  
Old Posted May 30, 2019, 4:25 AM
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As shown in the 15 Penn thread, the extra rendered tower is the Penn Plaza East tower, something that was on the boards back when the entire redevelopment plan was in play. Looks like it will be revived.






http://www.amodernli.com/project/new...-penn-station/

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  #134  
Old Posted May 30, 2019, 10:53 AM
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How tall will be 1 Penn Plaza East tower?
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  #135  
Old Posted May 30, 2019, 1:01 PM
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Vornado must clean up the filthy block on the east side of 7th between 33rd and the south side of 34th near 7th. Those blocks are disgusting, and no marquis tenant would anchor a tower in that shlock zone.
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  #136  
Old Posted Aug 14, 2019, 3:27 PM
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Closeup on 1 Penn...



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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.
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  #137  
Old Posted Aug 15, 2019, 4:08 AM
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It changes the look of the whole area. Much more modern. The entrance to Penn Station won't look like something out of the 60's anymore at least.
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  #138  
Old Posted Nov 12, 2019, 2:15 PM
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Talk of a huge 400,000 sf least at the new 2 Penn...


https://www.fool.com/earnings/call-t...-call-tra.aspx

Vornado Realty Trust (VNO) Q3 2019 Earnings Call Transcript
VNO earnings call for the period ending September 30, 2019.




Nov 7, 2019


Quote:
Michael J. Franco -- President

Thank you, Cathy and good morning, everyone. Overall, our business is in great shape. Our buildings are full and we continue to hone in on the significant opportunity that we have with the redevelopment of the Penn District.

.....The New York office market, which continues to be fueled by positive job growth and delivery of premium office product, performed strongly during the third quarter of 2019. Leasing activity across the city remains vibrant, driven mainly by technology and financial tenants with asking rents at record highs for the market overall. More than 25 million square feet of new leases have been signed in New York during the first three quarters of 2019 with many large deals and process expected to close in the fourth quarter. Talent wants to be in New York and therefore companies are migrating to and expanding in the city, creating tremendous competition for top talent.

Nowhere is this more evident than with the dramatic demand in the big tech companies. Executives view the real estate as one of the key drivers to recruiting the best and brightest talent to their teams. Private sector jobs increased 53,000 in the first nine months on pace with 2018, with nine month office sector jobs increasing about 18,000 as compared to 20,000 for all of 2018 and certainly had a pace strong enough to continue absorbing the new supply coming online.

There are currently 65 tenants actively looking for 100,000 square feet or more, totaling 16 million square feet of potential activity. This demand is coming from all industry sectors from companies already in the city as well as those seeking their first home here.

Our development in the Penn District is seeing the benefits of this demand as we are into full gear on our 5.2 million square feet of combined redevelopments at Farley, PENN1, and PENN2. We are experiencing robust interest in all three projects as prospective tenants begin to appreciate the magnitude of our district transformation. Tenants are responding very favorably to the unique nature of our amenities, space offerings, and design elements at each property that will serve today's workforce at the most accessible location directly on top of the most important transportation hub in the region. Farley is one of a kind and we have great activity on the space.

At PENN2, we are negotiating a lease with a 400,000 square foot headquarters tenant. And there is more in the works beyond this, all at rents at or above our underwriting. All our activities will benefit from the significant public sector projects being built in our district, including the new Grand Moynihan Train Hall which will be delivered in 2020. The expanded LIRR Concourse is running from Seventh to Eight Avenues by the end of 2021 and a soaring new station entrance at 33rd Street in Plaza 33.
Quote:
Against the backdrop of this district transformation, we are poised to make an entire district and are hard at work negotiating deals securing the district with new food and beverage outlets by leading operators, coffee spots, fitness offerings, and other retailers to service our tenants. These additions will dramatically enhance our offering and drive greater demand in rental rates within our 10 million square foot district portfolio. Our goal simply is to make the Penn District and our holding specifically, the go to location for tenants in the city.

More broadly, our New York office portfolio is in great shape and you can see us to perform well. We are substantially full with occupancy ending the quarter at 96.8%. Our remaining 2019 expirations are only 85,000 square feet, while our 2020 expirations are a modest total of 1,055,000 square feet, with 760,000 square feet of this amount expiring at PENN1 and PENN2. Please remember, this includes 565,000 square feet of PENN2 which will be taken out of service in 2020 as this development kicks into high gear. This will bring the total out of service at PENN2 at the end of next year to approximately 1 million square feet. Basically, we are repositioning the buildings for mid $60s per square foot rents to the $90s and need to move the old tenants out in order to accommodate the buildings.

Quote:
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst

Okay, thank you. And then I thought I heard you say you're in talks for a 400,000 square foot headquarter deal at 2PENN. Can you talk more about that potential lease? And then just timing, like a 400,000 square foot block, how that would fit into the building and how we think about the ins and outs over the next couple of years if that hits?

Glen Weiss -- Executive Vice President, Office Leasing, Co-Head Of Real Estate

The lease is out, we expect the lease to get signed in the next few months, The tenant would start their construction once we deliver the redeveloped building to them. So it's a deal we like a lot and we're going to try to close it in the next few months.

Quote:
John Kim -- BMO. -- Analyst

Okay. And Michael, you mentioned 65 tenants potentially looking for up to 16 million square feet in Manhattan. Do you have any commentary on how much of that is new demand versus just musical chairs?

Glen Weiss -- Executive Vice President, Office Leasing, Co-Head Of Real Estate

It's Glen. I would -- it's a mix. It's a mix of type of tenant whether demand, the expansion, relocation, it's a mixed bag across all the industry sectors across all the sub-markets. I wouldn't necessarily pinpoint one particular flavor of activity within that subset.

Quote:
Michael Bilerman -- Citi -- Analyst

Hey, it's Michael Bilerman with Manny. Just a few follow-up questions. Michael, you mentioned that 400,000 square foot headquarters lease and I don't know if Glen or David or yourself want to answer this. But I guess when do you sort of disclose that information to the Street? So I got to assume in your comment that there was a lot more in the works. I know you assume that's a Farley and maybe other stuff at PENN1 or PENN2 and other buildings. So I guess, at what point in the negotiation do you feel comfortable making a statement like you did about a significant value-creating lease like the one you mentioned?

Joseph Macnow -- Executive Vice President, Chief Financial Officer, Chief Administrative Officer

Look, Mike, I think we'll announce that when the lease is actually signed. I think that's the general deal. We have good dialog going on the assets right now, but the actual detail will come when we finalize the lease.

Michael Bilerman -- Citi -- Analyst

Well, I guess, in this case this lease is out for -- I guess you talked about it on the call. It's out for signature, I just didn't know at what point in the process, let's say, at least at Farley would be -- at what point you would be talking about that -- in the open about real?

Joseph Macnow -- Executive Vice President, Chief Financial Officer, Chief Administrative Officer

Yeah, just wanted to sign, Michael.

Michael Bilerman -- Citi -- Analyst

So, in this case, the 400,000 is signed and you're just going through the...

Joseph Macnow -- Executive Vice President, Chief Financial Officer, Chief Administrative Officer

400,000 there is -- we are negotiating the lease.

Michael Bilerman -- Citi -- Analyst

So, I guess, in the other leases that you're negotiating, how sizable are those and where do they stand in the process relative to this 400,000 PENN2?

Joseph Macnow -- Executive Vice President, Chief Financial Officer, Chief Administrative Officer

Michael, look, I think you're trying to pin down on exactly where we are at this. I mean, I think there is really nothing more to say. I think, higher level, I think what we said is sort of all we're prepared to say right now, when the leases get signed, we'll announce those, you will know about those. But until they've done, nothing is done and I think beyond what we mentioned specifically is again still just active dialog or negotiation, not ready for to be reported.

Michael Bilerman -- Citi -- Analyst

Right. Look, it's very exciting to hear about the PENN2 lease. I was just trying to understand sort of the policies that you have in terms of disclosing it and that was more of I was just trying to get out?

Joseph Macnow -- Executive Vice President, Chief Financial Officer, Chief Administrative Officer

We're excited too, Michael, but you got to wait a little bit.




https://www.vno.com/office/property/...311675/landing


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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; Nov 12, 2019 at 2:44 PM.
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  #139  
Old Posted Nov 12, 2019, 3:07 PM
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I'll admit it does look a lot better and dare I say kinda cool, I just wish it was somewhere else and not a building that deserves to be torn down for the common good.
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  #140  
Old Posted Yesterday, 9:36 AM
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