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Old November 19th, 2014, 08:21 PM   #1241
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Quote:
Originally Posted by rlw777 View Post
What? There is lots of residential on that stretch of 6th ave.
No the residential is south of 28th street. I wish I had a way of showing pics of the blocks I am talking about. They are horrible! Look at the east side of 6th ave walking from 30th street. Try using Google earth or something. This is the crap that needs to be redeveloped. Leave the garment district buildings alone!

I actually have a picture of the area I am talking about. How do I post it here?

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Old November 19th, 2014, 09:15 PM   #1242
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Quote:
Originally Posted by Jaffster View Post
No the residential is south of 28th street. I wish I had a way of showing pics of the blocks I am talking about. They are horrible! Look at the east side of 6th ave walking from 30th street. Try using Google earth or something. This is the crap that needs to be redeveloped. Leave the garment district buildings alone!

I actually have a picture of the area I am talking about. How do I post it here?

I know the blocks your talking about. It is a dump. South of 28/29th ..Sixth Ave has condo tower after condo tower going down to 23rd st.

All the wholesalers that were on Broadway from 27th to 30th are losing their leases and going over to Sixth from 29 to 31st or so.
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Old November 20th, 2014, 10:50 AM   #1243
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The tower looks like a Chinese design. Curves like that China likes.
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Old November 20th, 2014, 05:15 PM   #1244
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Quote:
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The tower looks like a Chinese design. Curves like that China likes.
Or that Cesar Pelli likes.
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Old November 21st, 2014, 12:39 AM   #1245
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Even more, I guess.
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Old November 22nd, 2014, 06:31 PM   #1246
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so what's gonna happen to Penn hotel now ? I stayed there in 2006 and it was kinda old fashioned and dark inside. but the lobby isn't that bad. When was it built?
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Old March 28th, 2015, 04:53 AM   #1247
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Eventually, a very tall tower will rise here, and it may even be the currently proposed design. In the short-term though, this grimy area needs a makeover.

This crap on 34th between 6th and 7th must come down.



This crap is on 34th and 8th. Vornado owns some of the crap in this photo, and they may have bought more. Fortunately, many of these junks are now vacant, and I suspect that this blighted corner might be redeveloped soon.


The third Achilles heel in the Hotel Penn redevelopment is the lurid stretch of 7th between 33rd and 34. As seen in the photo, it's immediately north of the Hotel Penn and is gross.
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Old March 28th, 2015, 05:09 AM   #1248
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Well if gate way is put into full effect Penn Station South will take care of W 31st which will further contribute to the area's development
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Old March 29th, 2015, 10:30 PM   #1249
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Quote:
Originally Posted by LondoniumLex View Post
Eventually, a very tall tower will rise here, and it may even be the currently proposed design. In the short-term though, this grimy area needs a makeover.

This crap on 34th between 6th and 7th must come down.



This crap is on 34th and 8th. Vornado owns some of the crap in this photo, and they may have bought more. Fortunately, many of these junks are now vacant, and I suspect that this blighted corner might be redeveloped soon.


The third Achilles heel in the Hotel Penn redevelopment is the lurid stretch of 7th between 33rd and 34. As seen in the photo, it's immediately north of the Hotel Penn and is gross.
I agree. Looks like a developing world city.
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Old March 29th, 2015, 11:54 PM   #1250
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It's crap that's left over from the city's lowest point. It's stuff like you'd see in gentrifying areas in South London. This will all be redeveloped, but those horrible corners need to be replaced by hotels and residential towers before Virnado can lure a tenant to 15 Penn.
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Old March 30th, 2015, 12:18 PM   #1251
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I'd disagree. Brookfield managed to secure Skadden-Arps as a tenant and has already got Frieds Frank mulling a potential move at Manhattan West, while the area is still very dumpy. 15 Penn has no obstacles (besides competition from Hudson Yards and the WTC) to getting an anchor tenant and once Amtrak's Gateway projected begins construction, this tower will rise above the previously mentioned ones in desirablilty, with only projects in Midtown East like 1 Vanderbilt and 425 Park commanding more respect.

As for those junky buildings you posted, their time will come. The area is already seeing a significant investment in transit (Moynihan station phase 1) and it's only uphill from here.
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Old March 30th, 2015, 12:33 PM   #1252
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Quote:
Originally Posted by City-of-Platinum View Post
I agree. Looks like a developing world city.
Well, there's dozens of commercial stretches like that all over the city. I agree that it's out of place in Midtown Manhattan, but it's really a common sight for anyone who's ever been to the outter boroughs.
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Old April 3rd, 2015, 03:55 AM   #1253
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Quote:
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Well, there's dozens of commercial stretches like that all over the city. I agree that it's out of place in Midtown Manhattan, but it's really a common sight for anyone who's ever been to the outter boroughs.
Even in this long-neglected area, they are three, isolated patches of junk, but Vornado nonetheless must deal with them before it hopes to secure a 1m SF anchor tenant at $90/SF.
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Old April 7th, 2015, 06:58 PM   #1254
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I agree and They are listening!

Vornado Could Give New York’s Penn Station Area New Lease on Life
-Firm is dominant landowner is down-on-its-heels area of Manhattan

http://www.wsj.com/articles/vornado-...ife-1428421290

Quote:
The area around New York’s Pennsylvania Station has long stayed gritty and clogged with commuters as much of the rest of Manhattan has flourished.

Now Vornado Realty Trust is gearing up to change that.

One of the nation’s largest office landlords, Vornado is hoping to spark a revitalization of the area where it is by far the dominant landowner by investing hundreds of millions of dollars in new retail space, public plazas and other infrastructure, according to real-estate executives briefed on the plans.

The aim is to improve the desirability of the area’s offices buildings, which are now deemed in a second-rate location and draw second-tier rent. If successful, it could mean dramatic growth in property value for Vornado. The company owns about 9 million square feet in the neighborhood, including the 57-story 1 Penn Plaza, a portfolio with an estimated value of about $5.5 billion, according to Green Street Advisors.

“There is no reason that we cannot achieve very, very substantial rising rents in Penn Plaza—very substantial, enormous—with a little TLC,” Steven Roth, Vornado’s chief executive, said at an Citigroup Inc. investor conference last month, according to a transcript. “That’s going to be the principal focus of Vornado in the next short period of time, [the] next couple of years.”

Quote:
‘There is no reason that we cannot achieve very, very substantial rising rents in Penn Plaza—very substantial, enormous—with a little TLC.’

—Steven Roth, Vornado chief executive
.
These ambitions illustrate a new chapter for Vornado, which for the past three years has been slimming down by shedding extraneous businesses, including its massive portfolio of strip malls, to appease investor demands for simplicity. Now, with the company focused on offices and retail in New York and Washington, D.C., Mr. Roth appears to be shifting his attention again to growth.

The big question is whether the company will pull the trigger on the revamp of the Penn Station area.

Mr. Roth, 73 years old, has a reputation for indecision, taking his time on big moves and vacillating among different plans for years.

For a decade, he has been pledging to either rehabilitate the 1,700-room Hotel Pennsylvania in Manhattan or to demolish it and replace it with an office tower. He still hasn’t announced a decision.

Before that, there was the former Alexander’s department store site on 59th Street and Lexington Ave., which sat vacant for years before he decided on a plan. Ultimately, this proved quite lucrative, as Vornado built the 55-story home of Bloomberg LP, topped by condos.

Still, analysts say Mr. Roth is energized as never before to overhaul the company before he retires—a move he has signaled is coming but isn’t imminent.

“They did have a reputation for being a very reluctant seller, very slow to make a decision,” said John Guinee, an analyst at Stifel, Nicolaus & Co. But as the company has simplified, Mr. Guinee says that has changed. “Vornado has displayed a sense of aggressiveness” lately, he said.

Mr. Roth appears to be highly focused on the Penn Station area, where he gradually built up his holdings throughout the 2000s. He recently hired Marc Ricks, a former economic development official who worked in the administration of New York City Mayor Michael Bloomberg, in part to work on the Penn Plaza plan. And the company last year contacted numerous architects for ideas about how to remake the area, and has showed some renderings to potential tenants.

Planning is still in early stages and specifics have yet to be decided. But the more prominent ideas Vornado has shared with others include tearing down the retail space, and adding new retail, on the block of 1 Penn Plaza, a block north of Penn Station that currently holds a Duane Reade pharmacy and a Kmart, the executives briefed on the plans said.

The company also is hoping to make other moves meant to alleviate the congestion from commuters and tourists who clog sidewalks around Penn Station, the city’s busiest train station. For instance, Vornado hopes to shut down half of the street just north of the station, 33rd Street, and it is pondering remaking some entrances to Penn Station.

These ideas, which likely would need city or state approvals, appear to come on top of investments Vornado long has been planning related to a proposed expansion of Penn Station into the Farley Post Office. Vornado and the Related Cos. in 2005 were designated the developers of part of the post office and a mixed-use tower known as Moynihan Station.

Various proposals have come and gone for the post office, with little progress, though Vornado and Related have kept their status as the designated developers. Now, the state continues to work on a plan. Work is under way on the first phase of the project, $300 million in largely infrastructure work necessary for its future expansion.
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Old April 10th, 2015, 05:44 AM   #1255
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Old April 10th, 2015, 05:56 AM   #1256
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Old April 10th, 2015, 06:04 AM   #1257
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Old April 10th, 2015, 06:48 AM   #1258
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This crap is on 34th and 8th. Vornado owns some of the crap in this photo, and they may have bought more. Fortunately, many of these junks are now vacant, and I suspect that this blighted corner might be redeveloped soon.



Vornado owns:

1. The black POS on the corner (ie, 484 8th Ave); and

2. The adjacent POS to the east with light blue stripes on the south facade (ie, 267 W 34th).

Moreover, as per Acris:

3. 265 W 34th, the POS just to the east of the blue-striped eyesore, was sold in 2003 to "265 W 34th St, LLC," which I hope is a Vornado LLC; and

4. The building adjacent to that, 261 W 34th (ie, the "Bag man" store) was just sold to an LLC, which hopefully is a Virnado entity.

5. A Mortgage Sat was just recorded for the little junk that houses Wendy's, 259 W 34th, and Wendy's lease was signed in 2000. Hopefully, it expires this year!


Vornado also owns 488 8th Ave., which is located north of the black POS on the corner of 34th and 8th. However, it seems that Virnado doesn't own the trashy, two story POS located at 486 8th.

Hopefully, these pieces of trash are redeveloped into a nice hotel/rental with retail at the base.
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Old April 10th, 2015, 10:17 PM   #1259
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So it wil make a lot of sense if Virnado acquires 'the trashy, two story POS' located at 486 8th.
After that, it is just a matter of time before they will be gone.
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Old April 10th, 2015, 10:27 PM   #1260
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Correct. The west side of this block is crap, but the east side is beautiful. Soon the whole block will be nice.
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