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Old August 4th, 2012, 03:55 AM   #1061
RobertWalpole
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Well said, Yankeesfan.
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Old October 28th, 2012, 12:50 AM   #1062
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15penn plaza look very beautiful but it can increase a hieght to have mor than 1250ft
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Old November 27th, 2012, 06:51 AM   #1063
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Why?
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Old November 27th, 2012, 11:58 AM   #1064
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To finally break midtowns plateau. Luckily it will get a serious amount of supertalls very soon, with each, creating a dramatic focal point in the skyline. Can´t wait!!!
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Old November 30th, 2012, 03:31 AM   #1065
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When will work start?
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Old November 30th, 2012, 04:02 AM   #1066
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Presumably after the first phase of the Hudson Yards is complete/sold out. The Hudson Yards towers offer much lower rates than 15 Penn Plaza, so it's highly improbable that any tenants would choose to lease this building until HY is sold out.
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Old November 30th, 2012, 04:58 AM   #1067
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Quote:
Originally Posted by azn_man12345 View Post
Presumably after the first phase of the Hudson Yards is complete/sold out. The Hudson Yards towers offer much lower rates than 15 Penn Plaza, so it's highly improbable that any tenants would choose to lease this building until HY is sold out.
Exactly. The HY and the first 500k sf at 3 WTC are being offered at below market prices. Once that space is gone, demand for 15 Penn, 2 WTC, etc will surface, particularly if the economy has rebounded by then.
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Old March 6th, 2013, 03:19 PM   #1068
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Game over so it seems...

http://online.wsj.com/article/SB1000...211087498.html

Quote:
Also Monday, Vornado Chairman Steven Roth told investors at a Citigroup Inc. C +1.51% conference that the company was abandoning its longtime plan to replace the Hotel Pennsylvania in Manhattan with an office tower. The company, rather, has finalized its plan to invest in an upgrade of the downtrodden hotel across from Madison Square Garden. The move is likely to involve bringing in a new operator and partner.

"We're not going to tear down the hotel," Mr. Roth said. "In fact, we're going to invest in it aggressively and try to make it into a really profitable, really good hotel for our purposes."
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Old March 6th, 2013, 03:33 PM   #1069
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Are the air rights non transferable...?
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Old March 6th, 2013, 04:53 PM   #1070
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Are the air rights non transferable...?
Well, I think Vornado will keep the air rights and maybe build the tower after they are done with the renovation of the hotel. But one thing is sure: this one won't be moving forward this decade.
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Old March 6th, 2013, 05:11 PM   #1071
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Thank god!!!! Hallelujah!!! They decided against that. On the other hand they can make huge money with all the development in Hudson yards - merely 2 blocks away - they can sell Penn hotel as upscale luxury apartments as Plaza hotel did. 10 years ago no one would have bought anything in this place since it was a dump and the area around it was crap. Today - I am almost positive in 10 years or so it will be the most bustling neighborhood of NYC.
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Old March 6th, 2013, 05:17 PM   #1072
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Given all of the competition from the HY and the GCT rezoning, Vornado did not stand a chance to land a tenant (nor does Brookfield at MW). This will be resurrected, as no developer will squander a site with 2.5m sf in air rights, especially one solely occupied by a hotel that can be readily emptied. That being said, it won't happen for at least 10 years.
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Old March 6th, 2013, 05:22 PM   #1073
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I think that it is better to renovate this beautiful historical building and make truly luxury 5* hotel. And also, how RobertWalpole has already said, there is no chance to land a tenant.
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Old March 6th, 2013, 05:23 PM   #1074
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Too bad.
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Old March 6th, 2013, 05:26 PM   #1075
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Originally Posted by Nikonov_Ivan View Post
I think that it is better to renovate this beautiful historical building and make truly luxury 5* hotel. And also, how RobertWalpole has already said, there is no chance to land a tenant.
There's no chance to land a tenant within the next 10 years. This project envisioned a tenant paying $100/sf. That's not going to happen, especially with Related leasing at cost.
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Old March 6th, 2013, 05:34 PM   #1076
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Can they move the air rights elsewhere or is this going to resume at the same spot 15 years from now?
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Old March 6th, 2013, 05:36 PM   #1077
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They cannot. They went through an extensive city review just to move air rights to that site. Air rights can only be transferred as of right from literally adjacent properties.
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Old March 6th, 2013, 05:40 PM   #1078
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Things may turn out differently. Hotel can become a historical preservation place at some future time. Besides with so much development right around the corner I can't foresee so much tenants asking for office space. Apartments - it is very possible. But offices - doubt it.
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Old March 6th, 2013, 06:29 PM   #1079
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Hmm, I have mixed feelings about this. On the one hand I really like the facade of the hotel, but on the other hand I'm all for supertalls this size (and bulk). It would do wonders for the skyline.
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Old March 6th, 2013, 06:37 PM   #1080
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Quote:
Originally Posted by HK999 View Post
Hmm, I have mixed feelings about this. On the one hand I really like the facade of the hotel, but on the other hand I'm all for supertalls this size (and bulk). It would do wonders for the skyline.
The tower that was planed there was one of the most ugliest fat things I have ever seen. I am not sure how to do this, but NY deserves not just tall glass boxes without count or name, but something much more interesting, innovative and beautiful. Once you pass Woolworth building - you will alway notice it. Once you pass soooo many glass boxes you don't even know what are they. so much alike they all look.

all in all architecture wise NYC is in desperate need of something much more interesting than what is being done/planned as of now.
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