Skyscraper City Forum banner
1 - 20 of 1483 Posts

·
Registered
Joined
·
174 Posts
Renderings:


THE DEVELOPERS OF THE EMPIRE STATE BUILDING AND THE PROPOSED 15 PENN PLAZA, DESIGNED BY PELLI CLARK PELLI, ARE FIGHTING OVER THE FUTURE OF THE LATTER.
Source: http://archpaper.com/news/articles.asp?id=4786


http://en.wikipedia.org/wiki/File:15penn.png


http://nyc-architecture.com/?p=482


Steve Roth Wants to Carve Moynihan Entrance Out of Garden Theater
by Eliot Brown | June 4, 2008 | Tags: Real EstateJames DolanMadison Square GardenMoynihan StationSteve RothVornado Realty Trust

Vornado Realty Trust.
Vornado's proposed tower for its Hotel Pennsylvania site by Penn Station.


Vornado Realty Trust CEO Steve Roth told investors Tuesday that he wants to redo Penn Station in a scaled-back version of the grand Moynihan Station plan, moving Madison Square Garden’s WaMu theater out of the arena structure to make way for a large train station entrance hall.

Despite a push by Vornado and co-developer Related Companies to keep the larger-scale project alive via government support, Mr. Roth indicated he considers that scenario unlikely.

“[We] basically feel that something good is going to happen,” he said. “Either that the governments are going to get their acts together, which they probably will not, or ... we have with Madison Square Garden a Plan B, which is they stay where they are, we take out the theater, we—underneath the seating bowl of the arena—put a new grand entrance to Eighth Avenue and a new grand entrance to the station on Seventh Avenue, and what that will do is create a grand train station. Not quite as grand as moving it, but pretty nice. Actually, spectacularly nice.”

The large-scale plan has undergone numerous twists and turns, and the developers have recently been pushing the Paterson administration, via the Port Authority, to buy Madison Square Garden and its air rights so as to move the project forward before the Garden renovates.

Should the state not agree to such a move, which could cost nearly $2 billion, it seems the focus will turn to how best to renovate the existing Penn Station, and, from the point of view of the developers, how any air rights might be able to be captured from those improvements.

Further, Mr. Roth said that the "Plan B" would add just as much value to Vornado’s property as if the original plan went forward.

“Our company’s principal interest in what happens with this Moynihan, Madison Square Garden, et cetera deal is to improve the value and increase the value of our adjacent eight million feet, which we believe we can do equally as well with Plan A or Plan B,” he said.
I don't know the exact height of this proposal, but One Penn Plaza, the black building to the right of the new tower, is 750 feet tall.
 

·
Leicester:NY:London
Joined
·
494 Posts
Because... building this would mean demolishing the century old Pennsylvania Hotel. Anyway, this proposal is quite unlikely to go through, taking into consideration the significance of the Pennsylvania Hotel and the current real estate market; there really isn't an inherent need for this building.
 

·
Registered
Joined
·
174 Posts
Discussion Starter · #16 ·
Because... building this would mean demolishing the century old Pennsylvania Hotel. Anyway, this proposal is quite unlikely to go through, taking into consideration the significance of the Pennsylvania Hotel and the current real estate market; there really isn't an inherent need for this building.
I haven't kept up too closely with this, but Vornado owns the Hotel Pennsylvania, and I believe it has enough air rights to build the tower. The main concern is economics. Vornado would probably want to get an anchor tenant before proceeding.
 

·
Leicester:NY:London
Joined
·
494 Posts
I haven't kept up too closely with this, but Vornado owns the Hotel Pennsylvania, and I believe it has enough air rights to build the tower. The main concern is economics. Vornado would probably want to get an anchor tenant before proceeding.
I hear Lehman Bros. is interested in leasing a section of the new tower, but because of their current situation, not to mention their plummeting share price, the chances of this happening grow smaller everyday.
 

·
Registered
Joined
·
2,339 Posts
The LPC also confirmed that it will not be holding a hearing for the possible landmark designation for ol'e Penn so it's only a matter of time before it gets the boot. I hate seeing handsome old buildings go while most of the trash from recent decades go untouched...
 

·
visit the world
Joined
·
8,182 Posts
the hotel is indeed "old", as are the rooms I say.
Only plus is that it has a LOT of rooms (thouhgt around the number of 1000)! Stayed there in 2004 when i was in NYC..
It a big block and with its location between all things its bound to be develloped sometime (maybe soon and maybe later)
This proposal based on the pics shown looks pretty goog to me! :)
 
1 - 20 of 1483 Posts
Top