[NYguy]

This is all supposedly beginning in this or the coming year.


https://commercialobserver.com/2018/...n-real-estate/

Vornado’s plans for 1 Penn, while yet to commence, have come more clearly into focus recently. The company intends to start work on renovating the imposing 1972 skyscraper—which will be rebranded as Penn 1—in the second half of this year, and plans to spend around $200 million on the project, per its investor presentations. The work is expected to yield upgraded lobby entrances and new tenant amenity spaces and elevators, as well as improvements to the surrounding retail storefronts and public plazas and a renovated entrance for the building’s underground connection to Penn Station.

Compared to average in-place office rents of $64 per square foot, Vornado hopes to command average rents of $84 per square foot upon redeveloping 1 Penn Plaza

https://commercialobserver.com/2018/...-rebuild-roth/

Vornado Realty Trust will likely go with “Plan B” at its 2 Penn Plaza office tower, opting for a widespread renovation of the aging building instead of razing and redeveloping the property, Chairman and CEO Steven Roth said on the company’s first-quarter earnings call today.

....the company set to move ahead with its original idea of “skinning” the 1968 building and putting up a “floor-to-ceiling glass” facade, as well as upgrading its interiors and mechanical systems.

Roth said that strategy would also add “the better part of 300,000 square feet” of new space to the building, via a “donut”-like addition that would bolster floorplates on the building’s lower floors.

The REIT is finally kicking off an expansive $200 million renovation of the 57-story, 2.5-million-square-foot 1 Penn Plaza later this year, which seeks to boost in-place office rents at the property to the mid-$80s per square foot from the current mid-$60s per square foot.

Roth said that Vornado’s idea of razing and rebuilding 2 Penn Plaza would have enabled a plan similar to the failed Madison Square Garden relocation, making possible a Penn Station overhaul that would “daylight the train station.” But the prospective costs of the redevelopment would require a public sector-assisted “financing scheme” that Roth said does not appear forthcoming.

How nice is it that the squat and disturbing 2 Penn Plaza will be made even more obtrusive to the surrounding area? Knock it down!





https://www.cityrealty.com/nyc/marke...redesign/23442