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Old August 14th, 2007, 01:34 AM   #281
Sentient Seas
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Get rid of the hotel I say. It's old and crappy and not worth the money to rennovate. Just my opinion though, to each his own.
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Old August 14th, 2007, 04:09 AM   #282
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Quote:
Originally Posted by koolkid View Post
First it was the Drake now it's Hotel Penn.
Anyhow, I hope the new building looks great. Not that typical glass box being built all over the place.
You know what, I'd be ok with a tall box. Nice facade, sleek, one that makes a powerful statement like TWT. If it's anything squat, and boxy then I'm all for saving Penn. There really are a few disappointments taking the place of some rather old, interesting buildings that I happen to think we can spare for new development. Make that development worthy of destroying interesting ,aged beauties.
.....BTW.....
I thought you were in the Brig for the longest. And i'm like gee, he's able to post? That's interesting. I didn't know you were actually in the breeeg not the brig.

Wow, I feel like an ass.
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Old August 14th, 2007, 03:01 PM   #283
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http://www.nysun.com/article/60427

Merrill Lynch May Relocate to Midtown

By JULIE SATOW
August 14, 2007


Merrill Lynch is inching closer to a deal to relocate its headquarters to Midtown from Lower Manhattan. The investment bank, which has been headquartered downtown since its founding in 1914, has exchanged documents detailing a potential deal with Vornado Realty Trust to be the anchor tenant at a new office tower it plans to build across from Madison Square Garden.

Merrill Lynch is "trading paper with Vornado now" to relocate to a proposed 2.5 million-square-foot office tower at the site of the Hotel Pennsylvania, a real estate professional close to the negotiations said.

The news would be a blow to downtown, which would lose its second-largest employer after the city. Merrill Lynch boasts $36 billion in revenues and employs more than 9,000 highly paid workers. Its lease for 3 million square feet of space at the World Financial Center, where it occupies all of Tower 4 and a portion of Tower 2, expires in 2013.

While downtown advocates would be licking their wounds if the bank moved, the news couldn't come at a better time for Vornado. The company, along with many other real estate investment trusts, has seen its stock butchered by turmoil in the credit markets. It closed at $103.37 yesterday, down from a high of $135.13 in February.

"It would be viewed as a very big positive for Vornado's stock if they sign a lease with Merrill," a portfolio manager at Urdang Securities Management, Dean Frankel, said. His company is a large Vornado shareholder, with more than 722,000 shares.

To nab Merrill Lynch as the anchor tenant for the Hotel Pennsylvania site would be a coup for the developer, which is working on an overhaul of the entire area. It has partnered with the Related Companies on a $14 billion plan to redevelop Pennsylvania Station and the Farley Post Office, and if the city agrees to a proposal to transfer development rights from the train station to nearby parcels, Vornado could end up owning more than 12 million square feet in the neighborhood. Already, it owns 5.6 million square feet, including nos. 1 and 2 Penn Plaza, and the Manhattan Mall.

A deal with Merrill "would not only create a lot of value for the building, but also for the entire Penn Station neighborhood," Mr. Frankel said.

Vornado announced earlier this year plans to demolish the Hotel Pennsylvania in 2011. It would replace the building, which is not a landmark, with an office tower boasting six stories of trading floors and the possibility of an ownership stake for the a large tenant. With its stock in the doldrums, however, such a plan is unlikely to go ahead without a signed lease from an anchor tenant first.

In the meantime, the Hotel Pennsylvania, designed by McKim, Mead & White, is in operation. The hotel, which was the largest in the world when it opened in 1919, nets Vornado $30 million in gross profit annually.

"Vornado makes money from the hotel, but it would make a lot more money if it was an office tower," a principal at the brokerage firm CRESA Partners, Robert Stella, said.

While Merrill does appear to be moving ahead with Vornado, there is no term sheet on the table. The investment bank also has six more years before its lease expires, and it is in ongoing discussions with Silverstein Properties about possibly relocating to one of the new towers at the World Trade Center site. Its current landlord at the World Financial Center, Brookfield Properties, is also working hard to keep its tenant, even proposing to build the bank a new 500,000-square-foot trading pavilion attached to Tower 2.

Calls to Jones Lang LaSalle, the brokerage firm representing Merrill Lynch, were not returned, and a spokesman for Vornado declined to comment. A spokeswoman for Merrill confirmed the bank was looking at several sites. "We are in the midst of evaluating our options, given that we have a lease expiration in 2013," she said.
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Old August 14th, 2007, 05:10 PM   #284
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so Im guessing more HQs are needed before some renders are warranted
1400 feet is a lot, considering how close these are planned in proximity to ESB
Im wondering how that will look
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Old August 14th, 2007, 06:54 PM   #285
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they need to get built.
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Old August 14th, 2007, 10:36 PM   #286
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1400ft is indeed much...also for midtown
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Old August 15th, 2007, 01:07 AM   #287
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yeah 1400 to the roof...is high..but who wont want it built?..1000 ft to the top of the 400ft spire is alot shorter...and would be another...uhm..sry to say BoA...i say build it 1400ft to roof...would make Midtown even more enjoyable for those all around the world
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Old August 15th, 2007, 01:31 AM   #288
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well 1400 ft would look good almost everywhere. it simply might look odd so close to ESB, since we are so used to seeing the ESB dominate everything
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Old August 15th, 2007, 01:44 AM   #289
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yea thats ttrue
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Old August 15th, 2007, 05:16 AM   #290
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Quote:
Originally Posted by nygirl View Post
You know what, I'd be ok with a tall box. Nice facade, sleek, one that makes a powerful statement like TWT. If it's anything squat, and boxy then I'm all for saving Penn. There really are a few disappointments taking the place of some rather old, interesting buildings that I happen to think we can spare for new development. Make that development worthy of destroying interesting ,aged beauties.
.....BTW.....
I thought you were in the Brig for the longest. And i'm like gee, he's able to post? That's interesting. I didn't know you were actually in the breeeg not the brig.

Wow, I feel like an ass.
I really wouldn't mind either, if the building were to be amazing.

If I'm not wrong,I remember the drake having about 20 floors or so and was replaced by what we thought would be something big. In the end it would be replaced with a building only 10 stories higher. Talk about disappointment! I really hope that story doesn't repeat itself and we get something grand this time.

Me in the brig? Na! Although i get the feeling some people would actually enjoy that...
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Old August 15th, 2007, 06:25 PM   #291
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I think they would look better in downtown. They should leave the ESB to dominate Midtown.
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Old August 15th, 2007, 07:32 PM   #292
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I knew this day would come, the day ESB would be properly challenged.
It all depends on the buildings I say. No point arguing or even argumenting now.
But it does feel a bit weird to even think of a 'small' looking ESB...
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Old August 15th, 2007, 07:39 PM   #293
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lol...1400 feet isn't dwarfing the ESB, trust me. On 7th ave, this won't block the ESB in the skyline except from Jersey...I ain't got no problem with this at all.

I just don't want an obscenely tall spire.
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Old August 15th, 2007, 07:50 PM   #294
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Quote:
Originally Posted by New Jack City View Post
I just don't want an obscenely tall spire.

How can I say what I think of this line...


DAMN RIGHT!!!
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Old August 16th, 2007, 12:47 AM   #295
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And if you consider the antenae, the Empire State Building is 1450 ft anyway, just not "officially". So how could these towers possibly dwarf it, when they will be physically shorter?
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Old August 16th, 2007, 03:53 AM   #296
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similar to the way SWFC dwarfs taipei101 ? Ah we'll see.
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Old August 16th, 2007, 04:52 AM   #297
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Quote:
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similar to the way SWFC dwarfs taipei101 ? Ah we'll see.
Um well actually, as I just explained, not like that at all.
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Old August 16th, 2007, 08:04 AM   #298
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well you asked how towers could dwarf another if they were physically shorter, and that's exactly the situation with swfc/taipei. And stuff O_o
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Old August 17th, 2007, 03:24 AM   #299
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Quote:
Originally Posted by BrooklynNYC View Post
And if you consider the antenae, the Empire State Building is 1450 ft anyway, just not "officially". So how could these towers possibly dwarf it, when they will be physically shorter?

Well, I don't know about dwarfing ESB but when I typed the word 'small-looking', I kept in mind that not only we are talking about a 1400f tower to the roof, which leaves a possibility for a spire on top of that (or did I get it all wrong?), AND we are talking about more than a single isolated tower here; contrairely to ESB presicely. Even a 'small cluster' of towers averaging 300/400 meters in Midtown certainly will take away some of its presence and impact to ESB.
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Old August 18th, 2007, 12:21 AM   #300
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Quote:
Originally Posted by chjbolton View Post
Well, I don't know about dwarfing ESB but when I typed the word 'small-looking', I kept in mind that not only we are talking about a 1400f tower to the roof, which leaves a possibility for a spire on top of that (or did I get it all wrong?), AND we are talking about more than a single isolated tower here; contrairely to ESB presicely. Even a 'small cluster' of towers averaging 300/400 meters in Midtown certainly will take away some of its presence and impact to ESB.
Agreed.
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