Quote:
Originally Posted by -Filipe-
wasn't 15 penn plaza canceled? i could be wrong
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it's approved. However this won't be built for awhile (years) Vornado announced they would renovate the Hotel Pennsylvania which currently stands on the site. This doesnt mean the tower is dead (despite the word of
wikipedia)
the original source :
http://www.nypost.com/p/news/busines...T5Ocs4QFn5IJ/0
Quote:
Sources tell us that Vornado Realty Trust is putting off constructing its taller challenger to the west at 15 Penn Plaza until market rents reach a point where it’s worthwhile to redevelop the site with an office building.
In the meantime, Vornado is mulling plowing millions of dollars into renovating its Hotel Pennsylvania, a dowdy cash cow that now sits on the future development site at Seventh Avenue between West 32nd and 33rd streets, across from Penn Station and Madison Square Garden.
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according to the original article, Vornado is playing the waiting game until they believe the market is ripe for a new office tower of this size.