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  #1561  
Old Posted Apr 10, 2021, 9:29 PM
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I hope that Roth doesn’t prioritize this over 350 Park.
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  #1562  
Old Posted Apr 11, 2021, 1:53 PM
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Originally Posted by JMKeynes View Post
I hope that Roth doesn’t prioritize this over 350 Park.
So long as Blackrock's ambitions are set, I think 350 Park will have a good chance of rising.

I just hope they don't commit to say Hudson Yards. I'd like to see that Park Avenue tower.
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  #1563  
Old Posted Apr 11, 2021, 4:07 PM
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Originally Posted by chris08876 View Post
So long as Blackrock's ambitions are set, I think 350 Park will have a good chance of rising.

I just hope they don't commit to say Hudson Yards. I'd like to see that Park Avenue tower.
I concur.
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  #1564  
Old Posted Apr 11, 2021, 4:44 PM
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Originally Posted by WhatTheHeck5205 View Post
I’d rather it sit as a parking lot for a while if it means the NIMBYs no longer have “save the Hotel Pennsylvania” as a rallying cry. Can’t preserve what’s no longer there. And honestly, this is probably the only part of Manhattan where a surface parking lot isn’t going to damage the streetscape, because there isn’t any streetscape to begin with.
A parking lot on this site, even a temporary one, would be absurd. One of the good things about the overall Empire Station redevelopment is that it gets rid of the above ground parking lots. Midtown isn’t the place for that, especially next to the city’s greatest transportation center.



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Originally Posted by JMKeynes View Post
I hope that Roth doesn’t prioritize this over 350 Park.
350 Park is on it’s own timeline, and won’t be available for development for a few years. This site is available now, and with the hotel no longer operating (it was always an excuse to hold on), becomes that much more a priority.

As the first major new office tower to go up in the area, 15 Penn will be a catalyst for change, much the same way as the Coach tower was for the Hudson Yards. (Even with 1 and 2 Penn getting makeovers).
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  #1565  
Old Posted Apr 12, 2021, 12:41 PM
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https://www.barrons.com/articles/vor...ow-51618225200

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By Andrew Bary
April 12, 2021


.....The Hotel Pennsylvania site is large stretching for an entire block on 7th Ave. The hotel has been closed for a year. Roth wrote that “we will permanently close and raze the hotel to create the premier development site in town. The process from today to the fully demolished and ready-to-go site will take less than two years.” Roth said the company is working to design a building for the site.

The old prewar hotel had seen better days and has become a midtown eyesore. Vornado nearly had a deal with Merrill Lynch to build a world headquarters for the brokerage firm in 2007 on the site but it fell victim to the 2008-2009 financial crisis.

“This decision was inevitable… the Pennsylvania may have been a grande dame in its time, but it is decades past its glory and sell-by date,” Roth wrote, while noting the company will keep the Pennsylvania 6-5000 phone number for the hotel, which was popularized by a Glenn Miller song in the 1930s. That phone number has been in use continuously for longer than any other in New York.

Sakwa wrote that he values the Hotel Pennsylvania site at $513 million, “which is probably conservative especially if VNO can land a major tenant for this site over the next few years.”
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  #1566  
Old Posted Apr 15, 2021, 2:06 PM
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https://www.curbed.com/amp/2021/04/s...nsylvania.html

So Long to the Hotel Pennsylvania






By Christopher Bonanos
April 14, 2021


Quote:
The Hotel Pennsylvania is going to come down, Steven Roth has told his Vornado shareholders. That’s not a shock. It’s an old-fashioned hotel with a great many small rooms, on an extremely valuable site directly across from Pennsylvania Station, fronting on Seventh Avenue. Because it’s lost some luster over the years, the hotel probably has a rough time drawing business travelers. I stayed there as a young person around 1984, and by that time it was passable but dowdy. Judging by some of the recent reviews on TripAdvisor (e.g., “a real life episode of American Horror Story” and “there were blood stains on the pillows”), it’s slipped further since then.

Eight years ago, Roth said that he was planning to renovate and turn it into something great, but we live in a different economic climate now, and the empty air above that giant site at 401 Seventh is apparently just too tempting to resist. A 1,270-foot tower, bearing the not-at-all-phallic name of PENN15, is its likely replacement.
Quote:
There is inevitably, when a building of this age is about to come down, someone who wants to landmark it. Frankly, the Hotel Pennsylvania is a building that could be made handsome and appealing again, but it’s just not quite significant enough to fight over. Architecturally, it is like a lot of early-20th-century midsize hotels and office buildings around the city, only larger; it is surely a better-quality example from its period, designed by McKim, Mead & White, but it’s bulky enough that it already takes up a big bite of light and air, so you can’t make much of a case regarding scale.

Even if you’re a hardcore preservationist, your energies might be better spent elsewhere. The best argument in favor of keeping it is that midtown has relatively few hotel rooms at low prices for college kids and budget travelers, and the Pennsylvania, owing to its frumpiness, couldn’t charge too much. In the abstract, it’s a pretty good argument, for sure, but “we should preserve this indefinitely as a dump because it fills an economic niche” is a hard one to win, at least when it comes to one of the most well-positioned privately owned pieces of land in town.
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Which is not to say it doesn’t deserve recognition. It was once the biggest hotel on Earth, and it survived a full century, having opened as the last pandemic began to wane in 1919. (Its contemporary next to Grand Central, the old Hotel Commodore — now the Grand Hyatt — is also likely to be replaced by a supertall in the near future.)

It claims to have been the first hotel that had “valet doors” — little compartments next to the room door where guests could leave shoes and clothes to be polished or laundered overnight — and it’s also one of the last, because those valet doors are still there. It has gone through a whole list of names: the Hotel Pennsylvania became the Hotel Statler, then the Statler Hilton, then the Statler again, then the New York Penta, and finally, coming full circle, it went back to being the Hotel Pennsylvania.

Most famously, it was the hotel where, in the 1930s and ’40s, Glenn Miller and his orchestra stayed when in New York, playing the club downstairs — so regularly, in fact, that Miller wrote a playful song around its phone number, Pennsylvania 6-5000. That’s still the number you call to reach the hotel, and it is said to be New York’s longest in continuous use.
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And in February 1947, the hotel hosted a scientific conference at which a breakthrough new product was introduced: Edwin Land showed off his invention, Polaroid instant photography. There were dark dramas, too: In 1928, a young man who was polishing silverware in the hotel’s storage vault was found stabbed to death with a steak knife. (It was adjudged a suicide because none of the silver had been stolen.) Another man fell out a window to his death in 2002, in what his family’s lawyer claimed was a horrifying treadmill accident. More recently, the hotel was probably best known among discount-seekers, especially students who were in town en masse for their Model Congress or Macy’s Thanksgiving Day Parade marching-band trips. We bid it good-bye at the end of its once-glamorous run, and we hope that the city’s most celebrated phone number ends up in deserving hands.


Well, Vornado has already said they will keep the number.
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  #1567  
Old Posted Apr 19, 2021, 6:48 PM
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http://www.bloomberg.com/news/articl...o-reshape-city

NYC’s Developers Plow Ahead With Ambitious Plans to Reshape City


By Patrick Clark and Natalie Wong
April 19, 2021


Quote:
New York City’s builders have had a curious reaction to a pandemic that emptied Manhattan’s office towers, shuttered restaurants and kept tourists home.

Over the past year, as scores of businesses closed and many residents beat it out of town, developers doubled-down on visions of steel-and-glass grandeur, hatching plans that could transform the city.

Vornado Realty Trust recently said it will demolish the Hotel Pennsylvania and add an office tower taller than 1,200 feet (366 meters) at the site by Madison Square Garden.
Quote:
Near Grand Central Terminal, giant towers are sprouting, including a project to redevelop the Grand Hyatt next to the transit hub. The developers are proposing a 1,600-foot skyscraper that would be among the tallest in the Western Hemisphere.

Manhattan has been one of the hardest-hit places in the U.S. over the past year. But even as Covid-19 has crushed commercial-property values, developers are making big-money bets that it’s only a matter of time before Manhattan is Manhattan again.

“Developers are optimistic by nature,” said Jim Costello, senior vice president at Real Capital Analytics. “The market they care about isn’t the here and now. It’s about where the market will be when their project is complete.”
Quote:
After office construction in New York City ground to a virtual halt in the second and third quarters of last year, developers began work on $2.7 billion worth of projects in the final three months of 2020, according to data from Real Capital Analytics.

That was down roughly one-third from the fourth quarter of 2019, but large enough to show builders and lenders haven’t lost their appetite for risk.

Still, New York City landlords are digging out of a deep hole. The city has estimated that the value of Manhattan office buildings will drop 25%, with hotels worth 31% less. Apartment rents have slid amid a flood of vacancies, while key retail corridors are plagued by empty storefronts.
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Vornado Realty Trust Chief Executive Officer Steven Roth’s ambitious plans for the area around Penn Station are a bet that office workers will eventually stream back into Midtown, which is key to Manhattan’s recovery.

“The success of our business will continue to depend upon talented workers gathering together,” Roth wrote in a recent letter to shareholders. “I guess the kitchen table has a place for some, but I continue to believe the urban office is the future of work.”

Across town, the project to build a new office tower at the site of the Grand Hyatt is now nearly 30% bigger than when it was introduced two years ago. And developers RXR Realty and TF Cornerstone are moving forward with plans to put a 500-room hotel at the top of the building.
Quote:
SL Green Realty Corp., the city’s largest office landlord, secured a $1.25 billion construction loan to redevelop a giant office tower in the tech-friendly Flatiron district. The firm also opened One Vanderbilt in September, a $3.3 billion skyscraper near Grand Central that is about 75% leased and features a restaurant by Daniel Boulud.

A couple blocks away, Boston Properties Inc. has proposed an office tower that may rise more 1,000 feet at a former MTA building on Madison Avenue.
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  #1568  
Old Posted May 6, 2021, 4:17 PM
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https://untappedcities.com/2021/05/0...ertain-future/

THE HOTEL PENNSYLVANIA’S UNCERTAIN FUTURE





NICOLE SARANIERO


Quote:
The Hotel Pennsylvania “may have been a grande dame in its time,” Steven Roth told Vornado shareholders in an annual letter this spring, but, Roth declared, it is “decades past its glory and sell-by date.” In that same letter, Roth, Chairman and Chief Executive Officer of Vornado Realty Trust (the company that owns the hotel budiling and manages the commercial assets of Penn Station), announced that the 1919 hotel would be razed. The Hotel Pennsylvania is just one of many historic midtown buildings on the chopping block due to plans for the Empire Station Complex.

This afternoon, you can learn more about these endangered, landmark eligible buildings and what you can do to save them by joining Untapped New York’s free, virtual Jane’s Walk led by Untapped New York’s Chief Experience Officer, Justin Rivers, along with Brad Vogel of the Preservation Committee, City Club of New York, and Simeon Bankoff of the Historic Districts Council. Stops on the tour include the Hotel Pennsylvania, a gorgeous 19th-century church, the largest remnant of the original Penn Station, and more.

The decision to tear down the Hotel Pennsylvania has been spurred by plans for the Empire Station Complex, “an integrated public transportation complex to revitalize New York’s Pennsylvania Station (Penn Station) area and give New York City the world-class intercity transportation hub it deserves.” In creating this transportation hub, the plan calls for the demolition of many buildings surrounding the current Penn Station. These include 10 buildings that could be eligible for New York City landmark designation and 38 buildings that could be eligible for State and/or National Register status, a category the Hotel Pennsylvania falls into.
Quote:
In place of the Hotel Pennsylvania, Vornado proposes to erect a super-tall structure designed by Foster + Partner’s, the firm that designed Hearst Magazine Tower and 425 Park Avenue. The tower on Seventh Avenue would be just one of ten new buildings proposed in the Empire Station Complex Plan. It would rise 1,270-feet, coming in just under the tip of the Empire State Building.

The most recent news concerning the fate of Hotel Pennsylvania and the rest of the endangered buildings that fall within the footprint of the Empire State Complex comes out of recent state budget hearings. Governor Cuomo requested $1.3 billion that would be used to purchase the properties that currently stand in the way of new development. Legislatures however decided that the allotted funds could only be used specifically for transportation improvements. The celebration of local activism groups was short lived, with yesterday The New York Times reporting that the state can still seek other avenues of funding to acquire the properties and can also resort to eminent domain. The co-author of the Times article, Luis Ferré-Sadurni, tweeted that “Cuomo officials say they can still use it for original purposes to clear land for the Empire Station Complex.”
Quote:
.....Just over a century after it originally opened, the hotel closed in response to the pandemic and remains closed today. As the building sits stoically awaiting its fate, preservationists have stepped up with calls to save the building once again. The online discourse surrounding Empire Station Complex has become increasingly binary — with pro-development folks pigeonholing preservationists as effectively dooming the future of New York City, and vice versa. But as Justin Rivers from Untapped New York wrote about our efforts to save the original Penn Station powerhouse, a balance can be still be made here: “Moynihan Train Hall is proof that the past and present can co-exist not only for the sake of utility but also for the sake of beauty. These structures should be preserved and thoughtfully integrated into the Empire Station Complex.:

On Wednesday, May 12th, one of the community coalitions leading the effort to save the building will host a Big Band rally where a band will play Glen Miller’s “Pennsylvania 6-5000” and local preservation leaders will speak about the importance of the building. The rally, at the Hotel Pennsylvania, will start at 11:00 am.

Won't change things, but at least they'll have a good time reminiscing about the old days.
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  #1569  
Old Posted May 9, 2021, 12:27 AM
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https://seekingalpha.com/amp/article...-earnings-call

Quote:
May 8, 2021


Steven Roth



Thank you, Cathy, and good morning to everyone. I hope all of you continue to be safe and healthy, and that you're all vaccinated or on your way to being vaccinated.

We are full speed ahead on the Penn District and are confident of its success. Farley is well along, we delivered half of Facebook 730,000 square feet on January 1st, and we will deliver the second half on June 1st just one month from now.

At PENN1 we will deliver the 34th Street lobby in July, the buildings enormous amenity package in October and the 33rd Street lobby at year-end. And PENN2 and the Long Island Railroad Concourse developments are now on the full-scale construction. This transformation will take over a couple of years to complete.

The decision to permanently close the Hotel Pennsylvania will allow us to get this site ready for development in less than two years from now, which is perfect timing for the next phase of our Penn District mega project. I believe that the Hotel Penn site will be the best development site in town.

Notwithstanding that, we will be delivering for tenants the most robust and unique amenitized offering in the city, with the added convenience of being directly on top of New York's main transportation hub. Our strategy here is the price PENN1 and PENN2, below our neighbors to the west, under their price umbrella. Since we are coming off $60 rents, this will be an outstanding outcome. Over time, as we continue to remake the Penn District, I fully expect rents will aggressively rise to the premium that they deserve.
Quote:
Manny Korchman

Hey, everyone. Good morning. Just wondering what you’re – sort of how progressed the conversations are with tenants at Penn, both for the large blocks available at the current Penn buildings, as well as the PENN15 and if that drove your decision to take the hotel offline and move forward with the larger redevelopment there?

Glen Weiss

Hi, it's Glen. So I'll tell you we're in this experience at PENN1 multiple times a day showing all the projects, I will tell you the action at PENN1 from a leasing standpoint is absolutely on fire. We do not have any real large blocks there, but in the tower we have some single and two-floor deals happening at we’re - at our underwriting. So we're performing very well there. The reception has been excellent.

We are also beginning to showcase PENN2 into the market. Also daily a lot of great presentations that are incoming, but we're going to go slow with PENN2. We've just started up on the physical construction and as this thing keeps going on a construction standpoint and the tenants can see it physically, it will just get better and better in terms of the incomings in people's reception.

And yes, on PENN15, we are beginning to show people our plans, the announcement of knocking on the Hotel Penn has brought a lot of incoming calls and emails, we're starting to talk to folks about 10, 15 as well as we get into it.
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  #1570  
Old Posted May 12, 2021, 8:02 PM
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https://www.amny.com/real-estate/hot...advocates/amp/

Hotel Penn could meet wrecking ball under same excuse for old Penn Station: advocates


Mark Hallum
MAY 12, 2021


Quote:
Historic preservationists, architects and civic leaders hope to stop the irony of destroying landmarks, officially designated or not, from destruction in the effort to beatify and expand transit options at Penn Station.

Vornado, the realty trust that owns the Pennsylvania Hotel, however, was not responsive in regard to calls to maintain the 102 year old structure which could be up for redevelopment under Governor Andrew Cuomo’s revitalization effort.
Quote:
Richard Cameron, an architect who spoke in front of the Hotel Pennsylvania on Wednesday, contested the grounds on which developers are seeking to demolish what was once one of the larges hotels in the world in that the logic was similar to that used to destroy the old Penn Station.

“We used to have the greatest train station in the world right across the street, literally right across the street, and sadly for me I was too young – when I got to New York it was already gone,” Cameron said. “The language that was used to destroy that station is the exact same language Steve Roth is using today to argue to destroy this; it’s tired, it’s old, it’s dirty, can’t be reused. We need something new. Everybody admits that what happened across the street was one of the worst crimes in terms of architectural legacy that ever happened in this country. We’re about to commit the exact same crime right here with the Hotel Pennsylvania.”
Quote:
Vornado is planning a 61-story office tower in place of the 1919 design by McKim, Mead and White as part of the Pennsylvania Railroad Midtown Manhattan transportation complex, leading the group falling under the Empire Station Coalition to call on not only elected officials to step in, but also for the Landmark Preservation Commission to designate the site.

“We should only support development that enhances livability for New Yorkers including housing, green space and transit accessibility,” Lindsey Boylan, candidate for Manhattan Borough President, said. “Instead the Governor seems to view this as a giveaway to allies and donors and Vornado rather than thinking about the future of the City, and I refuse to support a plan that is not led by residents of the City for residents of the City.”
Quote:
“Let’s not repeat the egregious error of Penn Station by allowing the destruction of Hotel Pennsylvania simply because it hasn’t been maintained by its owner in recent years,” Brad Vogel, of the City Club of New York said. “A film of soot is a temporary thing; the loss of a landmark is forever. A creative owner would emulate examples of adaptive reuse – just a quick look at the National Trust Community Investment Corporation’s portfolio shows it’s possible.”


Who let these mouth breathers out?
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  #1571  
Old Posted May 13, 2021, 1:01 AM
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Who let these mouth breathers out?
I don't know - who let you out?

Tearing down the Hotel Pennsylvania for some POS-looking turd tower is EXACTLY the idiotic logic that gave us MSG and the toilet bowl train station we have, in place of the Baths of Caracalla.

Thank God there's still a person or two with some sense left in this city.

Steven Roth, btw, is a two-bit hood who specializes in demolishing landmark structures and letting empty holes fester for years into urban blight. See: Alexander's, Filene's. The guy is a s.c.u.m. b.a.g.
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  #1572  
Old Posted May 13, 2021, 2:43 AM
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Count me as not being on board with the design. It looks like a dresser with all the drawers left open. I don't know. For such a prominent site, size and height, I hope they go back to the drawing board.
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  #1573  
Old Posted May 13, 2021, 3:17 AM
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tearing down Hotel Penn [along with other surrounding prewar classicals] is a massive mistake!
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  #1574  
Old Posted Aug 3, 2021, 8:14 PM
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https://commercialobserver.com/2021/...fice-momentum/

Big Tech Demand Drives Vornado’s Manhattan Office Momentum: Steve Roth

BY ANDREW COEN
AUGUST 3, 2021


Quote:
Vornado Realty Trust’s office leasing activity in Manhattan is trending upward, aided by big expansion plans from tech giant tenants.

In its second-quarter earnings call Tuesday morning, the real estate investment trust reported that Facebook, Google, Apple and Amazon are all seeking more space in its Penn District campus as they ramp up hiring following surging revenues. Vornado Chairman and CEO Steven Roth said the increasing demand has prompted the REIT to raise asking rents in the Penn District and he sees a strong, near-term future for Manhattan’s overall office sector as companies prep their return to offices this fall.
Quote:
“They believe in New York, they love the size of New York, the scale of New York, the ability to open up space and hire 3,000 engineers in one year,” Roth said during the investors call. “They love the education [here], and very importantly and interestingly, they love the diversity of the population.”

Roth gave an example of an increased demand for office space in a Fortune 100 company that was originally eyeing 300,000 square feet for 2,800 employees and is now requesting 400,000 square feet for the same workforce. He said Vornado’s New York City division is experiencing record incoming requests for proposals and tours that include many large companies who were on the sidelines during the height of the COVID-19 pandemic.
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  #1575  
Old Posted Aug 3, 2021, 10:02 PM
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Well, I just hope that the rendering of the tower it may be different than the one presented.
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  #1576  
Old Posted Aug 4, 2021, 1:57 AM
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A little more on where things stand with Vornado in the district….


https://www.fool.com/amp/earnings/ca...ings-call-tra/

Quote:
Steven Roth -- Chairman & Chief Executive Officer


….. It took us over a decade to assemble our vast PENN District hoardings, but as the same goes, this is our time. Here's where we stand. At Farley, we have delivered to Facebook all of their 730,000 square feet.

Their tenant work is going full bore. The West Side of Seventh Avenue, along the three blocks stretching from 31st Street to 34th Street, is now a massive construction site, where we are transforming the 4.4 million square foot PENN one and PENN 2 into the nucleus of our cutting-edge connected campus. The 34th Street PENN 1 lobby just opened, and our unrivaled three-level amenity offering will be completed at year-end. Our full building PENN 2 transformation, including the bustle and reskinning, is 98% bought out on budget and off to a fair start.

We couldn't be more excited. Our 14,000 square foot sales center the Seventh Floor of PENN 1 is now open to rate reviews from brokers and occupiers. It's busy. It is that -- the sales office is designed as a dealmaking conference and presentation center with multiple building models and videos that tell our story in a clear, persuasive and unique way.

After working with Glen and Josh in the sales center, the market is understanding our ambitious plans to make the PENN District, the crown jewel of the west side of the new New York. By the way, every quarter and every year, the West side is punching way above its weight, measured by high and growing leasing share -- market share of leases signed. Aside from our confidence and the market's enthusiasm, even at this early date, we are raising our PENN asking rents.
Quote:
We will shortly begin demolition of the Hotel Pennsylvania to create the best development site in town.

We expect demolition and shutdown costs to be about $150 million, which you should look at as land cost. Our book basis in this property today is $203 million. And we are midstream in the process to make the unique high-growth PENN District a separate investable public security. Our best in the business team leaders in the PENN District are Glen Weiss Leasing, Barry Langer Development and Dave Bendelman Construction.


Quote:
…..We also believe in multiple buildings and clusters of buildings so that we can offer the tenant a uniqueness that you can't get by going into a single building. I've said this before, and I'd like to say it again. A 300,000-foot tenant and a 600,000-foot building is dead, if that tenant wants another 100,000 square feet, he's going to have to move out or move five blocks away.

In our complex, which will eventually grow to 10 million, 12 million, maybe even 15 million feet, that 300,000 square foot tenant, Glen will always be able to provide that tenant with what he needs in our complex. So the cluster of buildings interconnected above ground and below ground is what creates the district, creates the uniqueness and we believe will command a premium in the marketplace.
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Last edited by NYguy; Aug 4, 2021 at 2:27 AM.
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  #1577  
Old Posted Aug 4, 2021, 6:58 AM
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Great!! Now that prominent site will remain vacant for years (like so many their others) ! Yayyy!
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  #1578  
Old Posted Aug 4, 2021, 1:43 PM
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Great!! Now that prominent site will remain vacant for years (like so many their others) ! Yayyy!
It’s vacant now. A large, empty eyesore. Vornado is now commited to huilding on the site, something they haven’t been in the past. This tower will now rise.
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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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  #1579  
Old Posted Aug 4, 2021, 5:08 PM
TonyNYC TonyNYC is offline
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Join Date: Oct 2013
Location: New York
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Originally Posted by NYguy View Post
It’s vacant now. A large, empty eyesore. Vornado is now commited to huilding on the site, something they haven’t been in the past. This tower will now rise.
Not against building at the old Hotel Penn site, but let's hope Vornado goes with a another architect..

Foster's plan would be a massive eyesore on the Skyline! DAMN UGLY!
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  #1580  
Old Posted Aug 5, 2021, 11:18 AM
streetscaper streetscaper is online now
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Originally Posted by NYguy View Post
It’s vacant now. A large, empty eyesore. Vornado is now commited to huilding on the site, something they haven’t been in the past.
I would rather a vacant building that maintains the streetwall than a vacant, empty lot for years, as Vornado has done throughout this area.

It degrades the urban environment long term.


Quote:
This tower will now rise.
Did they get the anchor tenant for this site? When will the new tower rise?
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hmmm....
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