[NYguy]

https://finance.yahoo.com/news/q4-20...064034707.html

Feb 12, 2025

Steven Roth

350 Park Avenue development is on schedule. The new building is now fully designed and it will stand out as being truly, truly best-in-class. We are in the formal approval process under the Midtown East zoning...

...Next up is the Hotel Penn site, now down to the ground and ready to go. Our PENN District is clearly a site to be seen. If you haven't already seen it, please call me to a range of tour.

https://therealdeal.com/new-york/202...ice-buildings/





By Kathryn Brenzel
February 12, 2025

While demand for this space is back up, developers aren’t clamoring to build more of it. Roth pointed to high interest rates and lack of available capital, as well as the unknown added construction costs resulting from tariffs on steel. Citadel’s Ken Griffin reportedly called the tariffs a “huge mistake” on Tuesday.

Tuesday’s call was a bit of a rollercoaster in terms of discussion around the future of the Hotel Penn site. Roth said that the office project planned there would be the next site to be developed in the Penn District, but then also acknowledged that the financials around ground-up development are still prohibitive. He didn’t mention temporary plans for the site (such as tennis courts) but did say Vornado is considering all options. Whether that includes temporary uses for the site, in addition to the ultimate mix of the building, was not immediately clear.

He even predicted the tower planned for 350 Park Avenue will be the only major office tower to break ground over the next few years (demolition of the existing office building is expected to begin next year). We shall see!