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

[NYguy]

^ It already does with the signage in the area. They are required by the City to keep the amount of signage. It will likely increase.

[chris08876]

Credit: Waymond_Womano

[NYguy]

^ Interesting. I had seem something earlier to suggests that they were going to open temporary retail on the site. Now it appears they will do just that. One level of retail (not counting sublevels), that could be about 300,000 sf. Seems there will be a plaza.

[NYguy]

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

[NYguy]

Little more on outdoor space...

[NYguy]

Earlier….

[Charmy2]

Wow...every last bit of it is gone now. When will the new tower start rising?

[NYguy]

Originally Posted by Charmy2

Wow...every last bit of it is gone now. When will the new tower start rising?

I doubt Vornado even knows. If you read the post just above, they are putting retail and a plaza on site.

[NYguy]

https://nypost.com/2023/10/27/real-e...-in-manhattan/

Developers are betting on the future of NYC with huge new office towers

By Lois Weiss
Published Oct. 27, 2023

...A complete transformation of a 1968 office building, Vornado’s Penn 2 will be ready for tenants in December and has a dramatic bustle that cantilevers over the entrance.

Meanwhile, its sister Penn 15, at an enormous 2.7 million square feet in size and 1,200 feet in height, is still vying for anchor tenants opposite Madison Square Garden. Fingers crossed for it to open by the end of this decade.

[NYguy]

https://www.crainsnewyork.com/real-e...casino-license


Vornado folds in competition for city casino license


AARON ELSTEIN
October31,2023

Vornado Realty Trust is stepping back from a heated battle for a casino license in New York City.

“ It is highly likely that we will not pursue a casino…”

[NYguy]

https://commercialobserver.com/2023/...idtown-casino/

Vornado Isn’t Placing Any Bets on a Midtown Casino


BY MARK HALLUM
OCTOBER 31, 2023

During the company’s third-quarter earnings call, Vornado CEO Steven Roth said the company would focus its efforts on office leasing in the Penn District rather than competing in the crowded field for one of only three available downstate casino licenses.

“It’s highly likely that we will not pursue a casino license,” Roth said Tuesday during a quarterly call. News of Vornado’s decision to fold its hand was first reported in Crain’s New York Business.

Vornado had been considering the possibility of building a casino at the site of the Hotel Pennsylvania, where demolition recently wrapped up. Vornado backed out of any new major construction projects last year due to “economic headwinds.”

With high interest rates and inflation weighing down new construction, Vornado moved away from plans to build an office tower at the Hotel Pennsylvania site and is instead exploring temporary uses to monetize where the historic building previously stood, according to Roth.

Instead of a gambling den, Roth said that the site could be used to host fashion shows, but did not go into any details.

While its financials remain depressed, Vornado’s income from its leasing portfolio remains resilient. The question of whether they’ll make any bets on a gambling house were answered briefly and in no uncertain terms.

Roth backing out clears up the chips in the crowded field for a casino license in New York City with developers Related Companies, SL Green Realty, Steve Cohen’s Point72 Asset Management and the Soloviev Group all proposing gaming facilities in the five boroughs.

[NYguy]

OCTOBER 31, 2023

[NYguy]

A little more from the conference call...


https://seekingalpha.com/article/464...all-transcript

Vornado Realty Trust Q3 2023 Earnings Call Transcript


Oct. 31, 2023

Anthony Paolone

So Hotel Penn has been taken down. It looks like you put up some big signage there. It’s a big site. I’m just curious if you have any opportunities to drive any meaningful cash flow from the location just while it sits and waiting for a longer-term plan.

Michael Franco

The answer is, we are studying that right now, Anthony. And the answer is we think so. We’re pursuing a few ideas, too early to tell you which one or ones we’re going to settle on. But you’re exactly right. It’s a great cycle in the center of the city. And whether it’s fashion shows or other temporary uses, we think there will be opportunities to generate some cash flow until the site is ready for development.

[NYguy]

NOVEMBER 3, 2023

[NYguy]

https://twitter.com/EmpireStateBldg/...234163/photo/1

[NYguy]

https://archinect.com/news/article/1...ation-entrance

Foster + Partners finishes work on revamped Penn Station entrance


By Josh Niland
Nov 20, '23

A dramatic new makeover of Penn Station’s entrance at 7th Avenue and 32nd Street in Manhattan has been completed by Foster + Partners for clients Amtrak and the Vornado Realty Trust.

The rebuilding project expands the entrance’s width by 50 percent while making it safer and fully ADA-accessible for 600,000 daily users of what is considered the nation’s busiest train station.

In a press statement, Foster + Partners’ Head of Studio, Nigel Dancey, commented: “We have been master-planning, studying, and improving New York City’s public realm with Vornado to create a more inclusive and dynamic urban experience. This project is an important step towards a wider transformation that looks to enhance the quality of the spaces between buildings and make the busiest transportation hub in North America welcoming and inviting for all.”

Foster + Partners is also about to commence construction on their PENN 15 supertall opposite the station at 33rd Street and 7th Avenue early next year.

The station’s $7 billion planned redevelopment has been paused for now as alternative proposals are being vetted. Another renovation of the Long Island Rail Road concourse was also recently completed by Skanska, AECOM, and SOM.

[mrnyc]

^ thank god — sheesh thats the freakin main entrance and it was shamefully and needlessly tight, crowdy and depressing.

[Doubleu1117]

Foster + Partners is also about to commence construction on their PENN 15 supertall opposite the station at 33rd Street and 7th Avenue early next year.

Not expecting any news was broken here, likely just the author's wording but boy that would be nice.

[NYguy]

Originally Posted by Doubleu1117

Not expecting any news was broken here, likely just the author's wording but boy that would be nice.

I don't know where they would get that information from, but early next year is oddly specific. Vornado itself hassaid the space could be used for events in the interim. But Vornado has also been flip flopping on this development since it was conceived over a decade ago. In any case, no filings have been filed for any type of foundation work - which itself remains a mystery. It's not clear how much Vornado plans to change the current foundations, but the hotel "technically" wasn't demolished. The upper floors were removed as part of an "alteration". The sublevel floors have had filings for change of uses.

[NYguy]

NOVEMBER 23, 2023