NEW YORK | Empire Station District | 9 Towers (18-20 msf)| FT | FLOORS

[NYguy]

The first new Vornado tower may now actually be Site 4, where the Duane Reade is now closing.







https://www.nytimes.com/2023/04/13/nyregion/midtown-offices-penn-station.html


By Matthew Haag and Stefanos Chen
April 13, 2023

.....Vornado executives have rushed in recent days to meet with state lawmakers in hopes of shoring up support.

Executives have stressed that the company’s delay in construction is temporary but have not specified a time frame, and said that they would prioritize the building of a residential tower, at West 33rd Street and Eighth Avenue, before an office.

Vornado owns several high-profile properties in the neighborhood, including the Penn 1 office tower, the former Hotel Pennsylvania and the Manhattan Mall.

.....In a letter to shareholders, Mr. Roth wrote on Friday that Vornado remained committed to its plans around Penn Station but warned that “we are approaching the eye of the economic storm.”

“There is no new debt available for office, so no buying, no selling, no new builds,” Mr. Roth added.

.....Before Vornado announced a pause, the state had said the last of the 10 towers would probably not be complete until 2044, possibly a decade after the reconstruction of Penn Station. The plan can only be annulled by the board of the Empire State Development, or by court order.