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  #141  
Old Posted Dec 8, 2019, 12:28 AM
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Unfortunately from the state’s perspective, Vornado was far from the ideal partner. As one member of the Pataki administration would later explain to me, the company’s CEO, Steve Roth, had a reputation for sitting on properties indefinitely, using delay tactics to extract additional concessions from cities desperate to spark neighborhood development.
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Years earlier, Roth and a New York developer named Donald Trump had battled to control a block that had once housed Alexander’s, a shuttered low-end department store on the city’s East Side. After Ross prevailed, he let the site decay, explaining years later: “Why did I do nothing? Because I was thinking in my own awkward way that the more the building was a blight, the more the government would want this to be redeveloped, the more help they would give us when the time came.” Gargano didn’t want Penn Station to be caught in a similar fix.
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The developers had grand ambitions. The area around Penn Station was, at the time, the only portion of midtown Manhattan without major skyscrapers. In exchange for rehabilitating the train station, the Two Steves intended to build a huge new commercial development in the surrounding blocks—something akin to Rockefeller Center, but bigger. There was a catch: To make the whole project work, they would have to move Madison Square Garden, now sitting in the spot where McKim’s Penn Station has once existed, to a new location. And that added a world of complexity.
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In the months and years that followed, Dolan, the state, and the Two Steves chiseled the broad outlines of a massive agreement: Once MSG was moved atop Farley, the old Penn Station block would be razed, and buildings would go up around the neighborhood to create a footprint larger than Rockefeller Center and the Chrysler Building combined. The Two Steves would not just redevelop Farley, move Madison Square Garden, and build a spectacular new train hall. They would also build a series of skyscrapers in the surrounding neighborhood, including a new global headquarters for Merrill Lynch, a structure slated in early designs to be significantly taller than the Empire State Building.
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But as the plans became more detailed, the negotiations became more contentious. Dolan, for example, insisted on the right to place well-lit signage in front of the Farley Building. Preservationists reacted in horror. The president of the Landmarks Conservancy compared the new arena to “Cinderella’s stepsisters trying to jam their feet into the glass slipper.”
Quote:
When the governor’s staff eventually ushered Dolan into a conference room, the meeting quickly got heated. Spitzer pounded the table, demanding the arena owners accept the gift of a new arena, and rejected out of hand their request for signage in front of Farley’s colonnade. Dolan told the governor that removing a landmarked brick wall inside Farley—a wall preservationists were lobbying to preserve—was a “religious issue” for him. The governor stormed out, furious that such a massive undertaking could be held up over what seemed such a piddling concern. Neither side was willing to budge.

In the months that followed, the whole plan—the new arena, the new office towers, the new train hall, the revitalized section of Manhattan—fell apart.

It is a good read, a good walk down memory lane of the inability to get anything done with Penn Station and the district. At least things are now looking up, such as they are.
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  #142  
Old Posted Dec 16, 2019, 10:17 PM
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  #143  
Old Posted Dec 18, 2019, 6:31 AM
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Are these the latest renderings? They look good!
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  #144  
Old Posted Dec 18, 2019, 1:06 PM
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Yeah the latest ones. The canopy is nice. I mean, when we are dealing with Penn Station or its surroundings, anything remotely decent is highly desired! A 3rd world train station for the most elite city in the world... makes perfect sense!
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  #145  
Old Posted Dec 18, 2019, 3:59 PM
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The first photo shows new buildings on the corner of 7th just north of the Hotel Penn. I hope that Vornado has acquired the existing garbage because it looks hideous.
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  #146  
Old Posted Dec 18, 2019, 4:43 PM
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These new renderings are actually not horrible.

At least Penn Station gets another decent entrance, and 2 PP looks OK.
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  #147  
Old Posted Dec 18, 2019, 5:10 PM
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I'm sorry but I cannot get excited about any of this. To me this is a monument to the inabililty through political impotence to get anything big done. The state of NY should just tell the Dolans they'll give them a billion dollars to get the f**k out and if they don't emminent domain the f**kers.
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  #148  
Old Posted Dec 18, 2019, 5:18 PM
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To be fair, this has nothing to do with the Dolans. They have no involvement with 2 PP. Blame Steve Roth at Vornado if you want 2PP demolished.

But yeah, the Dolans have to be evicted from MSG, and that site needs to be demolished and rebuilt.
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  #149  
Old Posted Dec 18, 2019, 5:30 PM
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But yeah, the Dolans have to be evicted from MSG, and that site needs to be demolished and rebuilt.


The worst arena in sports and among the worst teams too!
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  #150  
Old Posted Dec 18, 2019, 5:36 PM
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Originally Posted by chris08876 View Post
Yeah the latest ones. The canopy is nice. I mean, when we are dealing with Penn Station or its surroundings, anything remotely decent is highly desired! A 3rd world train station for the most elite city in the world... makes perfect sense!
Hopefully that will be somewhat alleviated when Moynihan Train Hall is open in a few months. I was a young man when they first proposed that

As for 2 Penn, this is quite literally the least they could do. And I'll believe that green roof/glass pavilion when it's actually built.

The main story here is new circulation below deck.

I screenshot a couple more from Vornado's site: https://www.vno.com/office/property/...311675/landing





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  #151  
Old Posted Dec 18, 2019, 7:46 PM
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It definitely feels like a half ass solution. If built, I guess its a positive, if built as depicted in the renderings. I mean, its better than nothing lol.

I do wonder if this is ever built, being all modern... if they will clean the area up? Architecture is one thing, but the street life... that is what makes the area. You know, the folks selling the illegal tickets, the rampant homeless than inhabit the immediate area, the guy with the broken beats headphones in the wheel chair, the folks shouting the devil is real and Jesus is coming. Those folks, that make the Penn Station that much more exciting.

Its just going to be weird seeing that in a modern setting (more modern than currently present). The current Penn Station, its expected with its atmosphere adding to it.
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  #152  
Old Posted Dec 18, 2019, 8:12 PM
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Originally Posted by Busy Bee View Post
I'm sorry but I cannot get excited about any of this. To me this is a monument to the inabililty through political impotence to get anything big done. The state of NY should just tell the Dolans they'll give them a billion dollars to get the f**k out and if they don't emminent domain the f**kers.
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Originally Posted by Crawford View Post
To be fair, this has nothing to do with the Dolans. They have no involvement with 2 PP. Blame Steve Roth at Vornado if you want 2PP demolished.

But yeah, the Dolans have to be evicted from MSG, and that site needs to be demolished and rebuilt.

Moving the Dolans and MSG, which would in turn open up the site would have major ramifications for 2 Penn, and immediately changes the conversation. Even with the cosmetic changes here, there is still a window left open for that to happen down the road. I just hope I’m here to see it if it does.

Anyway, they are moving with good speed on the lower concourse reconstruction and opening (it’s supposed to be complete by the end of next year), and it looks like they just may get it open on time, a major NY miracle. But in the meantime, God help those who don’t know how to navigate the eastern, lower level. It’s a darkened and confusing maze of people, walls, and renderings. Luckily for me, I have to go through there regularly, and can still zip through like a rat.
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  #153  
Old Posted Dec 19, 2019, 12:19 AM
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Originally Posted by chris08876 View Post
I do wonder if this is ever built, being all modern... if they will clean the area up? Architecture is one thing, but the street life... that is what makes the area. You know, the folks selling the illegal tickets, the rampant homeless than inhabit the immediate area, the guy with the broken beats headphones in the wheel chair, the folks shouting the devil is real and Jesus is coming. Those folks, that make the Penn Station that much more exciting.

Its just going to be weird seeing that in a modern setting (more modern than currently present). The current Penn Station, its expected with its atmosphere adding to it.
It's practically a Westchester country club these days compared to the '70's, 80's and 90's! I'm not sure how cleaned up any main train station district in a major city can possibly be - even Zurich and Copenhagen have their own share of train shed oddities. At least you don't see small encampments clustered around light poles where they've managed to pull live wires from the power supply, and they're running hot plates, boom boxes and even an Apple IIe! I vividly remember those days. Now Newark Penn.....it's like night of the living dead over there.
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  #154  
Old Posted Dec 24, 2019, 2:24 PM
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I truly hope that this entity is owned by Vornado. Cleaning up that disgusting block just north of the Hotel Penn is essential to the revitalization of this area.

https://therealdeal.com/2019/12/23/m...lding-for-35m/


Last edited by JMKeynes; Dec 24, 2019 at 4:20 PM.
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  #155  
Old Posted Dec 24, 2019, 5:31 PM
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I truly hope that this entity is owned by Vornado. Cleaning up that disgusting block just north of the Hotel Penn is essential to the revitalization of this area.

An idea of the Vornado footprint in the area...



https://www.google.com/url?sa=i&sour...77294921805353


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  #156  
Old Posted Dec 24, 2019, 6:21 PM
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They need to acquire the East side of 7th between 33rd and 34th. It looks horrendous.
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  #157  
Old Posted Jan 15, 2020, 2:58 AM
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  #158  
Old Posted Feb 12, 2020, 10:52 PM
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https://commercialobserver.com/2020/...aza-food-hall/

Vornado Shutting Doors on Penn Plaza Food Hall
The Pennsy food hall at the base of 2 Penn Plaza will shut at the end of March





BY SARIKA GANGAR
FEBRUARY 11, 2020


Quote:
The Pennsy food hall at Vornado Realty Trust’s 2 Penn Plaza will be closing its doors at the end of next month.

One of the tenants at the food hall, vegan stall Cinnamon Snail, said in a Facebook post that it would be shutting down after receiving a notification of the food hall’s impending closure on March 31.

The owner of Cinnamon Snail, Adam Sobel, confirmed the food hall’s closure to Commercial Observer. He added that the building is going through a large-scale renovation. A second vendor contacted at the space also confirmed the closure.

A Vornado spokesperson did not immediately comment.
Quote:
Vornado has been working on a $2 billion modernization of the neighborhood around Penn Station, which includes work on 2 Penn Plaza, which is being rebranded as Penn 2, as Commercial Observer reported. The renovation will extend the first four stories of the building’s base and add 145,000 square feet of office space. The plans also call for the redevelopment of the nearby Farley Building, which will include a new train hall servicing Amtrak and the Long Island Rail Road, as well as of 1 Penn Plaza.
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  #159  
Old Posted Feb 20, 2020, 3:48 AM
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https://www.fool.com/earnings/call-t...-call-tra.aspx

Vornado Realty Trust
Q4 2019 Earnings Call


Feb 19, 2020


Quote:
Michael J. Franco -- President

Let me now turn to the New York market. The Manhattan office market continues to fire on all cylinders, fueled by strong job growth and unabated tenant demand for office space, particularly for landlords with new or redeveloped product [Phonetic]. The city added 19,000 office-using jobs during the year, bringing office-using employment to an all-time high of 1,470,000 jobs. And the recently announced large future office commitments from major companies in the city point to continued strong job growth.

Leasing volume citywide in 2019 totaled 43 million square feet, the highest activity in 20 years. [Indecipherable] tenants continued their strong demand accounting for one-third of all activity during the year, with the tech sector alone leasing 7.5 million square feet. This sector has become a dominant powerhouse in New York as tech companies are attracted by the city's dynamic economy, deep and diverse talent base, and leading universities.

.....According to a Cushman & Wakefield year-end report, asking rents for Class A product in the Penn District submarket, which includes Hudson Yards and Manhattan West, reached a historic $109 per square foot, a very good sign for our 5.2 million square feet currently in redevelopment in the district.

As a company, we are heavily focused on the transformation and repositioning of our Penn District holdings as a new epicenter of New York. Our redevelopments are now in full construction mode. 2020 will mark an important step in the district's transformation as the majestic Moynihan Train Hall at Farley and our 850,000 square feet of office and retail space at Farley will be substantially completed at yearend.

As you walk around the district today, you see the incredible amount of activity under way. The redevelopments of Farley, PENN1, PENN2, the grand new entrance to Penn Station on Plaza 33 where work has begun and the scaffolding in the LIRR concourse where redevelopment will shortly commence. In total, there is over $5 billion currently being invested in the district and its infrastructure between Vornado's $2.2 billion and the government's $3 billion.

During the fourth quarter, we bought out Kmart's 141,000 square foot lease at PENN1, which had another 16 years to run, for a $34 million payment, of which $10 million is expected to be reimbursed. Steven [Indecipherable] about this for years and years, and we think we timed the buyout at exactly the right time and got at a fair price. Despite the nominal short-term FFO loss from Kmart's rent, this was a big win for us and allows us to immediately integrate this space into our overall redevelopment plan for PENN1, the adjacent plaza in the LIRR concourse, and [Indecipherable] space with high-quality retailers [Indecipherable]. Overall, a big uptick for the neighborhood.

During January, we executed a relocation transaction with the Information Builders, which will move them from the tower of PENN2 into separate spaces at PENN11 and PENN1 totaling 78,000 square feet. This deal was the last piece of space we needed to get back to execute the redevelopment at PENN2. Moreover, the starting rent with Information Builders at PENN1 is in the mid-$90s per square foot, reflecting the market's confidence in the district's transformation and as this extraordinary development begins to take shape.

In addition, as I'm sure most of you saw, the Governor made a major announcement in January, expressing the State's intention to further modernize and expand track capacity at Penn Station through the creation of the Empire Station Complex with an expanded terminal in a block south of PENN2 increasing train capacity by approximately 40%.

This announcement represents another validation of Penn Station/Empire Station as the key transportation hub in the region, and a further commitment from the government to invest in the area. The government expects ridership at Penn Station to double in the next 10 to 15 years. The state intends to fund this expansion through the creation of a new district, which encompasses our Penn District holdings and by capturing future increases in tax revenues from new developments in the designated district. We look forward to working with the state, city, and other important stakeholders to help realize the Governor's very important vision.

With the explosion of tech demand in New York City, particularly on the west side, our Penn District assets are very well positioned to be at the center of this activity. It's in the hottest submarket in the city.

We're going to be delivering Farley, PENN1 and PENN2 totaling 5.2 million square feet near term with an ability for tenants to grow with us over time in our massive campus located right on top of transportation. We're confident as our plans become reality that office tenants will truly appreciate the unique and differentiated product we're delivering.
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  #160  
Old Posted May 5, 2020, 6:10 PM
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