Quote:
Originally Posted by Crawford
Or maybe they want to keep the hotel and put the tower on the Manhattan Mall site? Who knows; we'll have to wait and see.
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With the way things are going between Vornado and JCPenny, the Manhttan Mall's days may be numbered. A large chunk of the air rights for 15 Penn cam from the mall, and another large chunk came from planned improvements to subway connections, including reopening the pedestrian passageway between Penn and the Herald Square connections, which include the PATH train. All of that could be lost if Vornado chooses to do nothing. But I think there is more at play here. Remember, Vornado was supposed to get a chunk of air rights from Farley do develop the Penn East and West sites. Maybe they can use the transit improvements to bulk up those sites. We never knew what plan B was, so we'll see. Air rights are the hottest things going in Manhattan right now, so I'm sure they won't be wasted unless Vornado wants to hang on to the 15 Penn Plaza plans for the long term.