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Originally Posted by TonyNYC
It wasn't built because they could not land another anchor tenant.. nothing to do with Vornado's lack of commitment.
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Um, excuse me. Vornado has alternately canceled this tower as it considered renovating to hotel or turning the hotel into an entertainment complex. We've even had it in cancellation a couple of times. They were able to do so because the Hotel Pennsylvania continued to perform. With the hotel all but dead, and action being taken on the area, the decision is to move forward with the tower.
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There was a need for the 30 MSF of the Hudson Yards as midtown's office building stock aged. There was very few new towers going up over the decades. The reason for the rezoning of Midtown East is a prime example of old stock and a need for new office buildings.
By the time these Empire Station Towers rise, they will be way behind the 8 ball with the Hudson Yards 30 MSF+ complete and a list of supertalls built out in Midtown East, another 20-25 MSF (1 Vanderbilt, Roosevelt hotel, Commodore Hotel, 270 and 350 Park, 343 Madison, etc).
That's 50- 60 MSF of new office space that will beat Empire Station to the punch.. there is only so many anchor tenants to go around to gobble up millions of SF!
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You make absolutely no sense. Why do you think there was a rezoning of midtown east after the Hudson Yards rezoning? Did you think the HY rezoning was the final answer to the aged stock of NYC??? Do you even know how much office space Manhattan has?
There is a reason it's called "planning", and a reason why there is zoning. You don't just put up millions of square feet of office space anywhere in any city. There is a reason why cities have a commercial core, or a downtown area where most large buildings can rise, and not just scattered willy nilly around town. That all comes from planning, and New York City, like most cities, PLANs. That's the reason an entire city's worth of skyscrapers has gone up on the west side, why it's happening on the east side, and will continue here - especially here with it's abundance of mass transit. And also, in case you didn't know, it's why these towers are phased in over decades. Because they CAN. All made possible by planning and zoning.