https://www.fool.com/amp/earnings/ca...ings-call-tra/
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Aug 3, 2021
Alexander Goldfarb -- Piper Sandler & Co. -- Analyst
Good morning. Thank you. Good morning, Steve. Good morning, Michael.
So two questions. And actually, Steve, you just sort of recasted the question I was going to ask. I was going to ask you if you still believe in Manhattan tilting to the South and the West, given the resurgence of Midtown, Grand Central. Obviously, you guys bought One Park.
But to Jamie's question, you just talked about 350 Park enough tenants to double the demand. So I guess, wrapping up because I'd like to ask about 350, do you see Midtown, the Grand Central market returning as the dominant submarket or do you still believe that New York is still tilting to the South and to the West?
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Steven Roth -- Chairman & Chief Executive Officer
I like the phrase that I invented some years ago, the predictive phrase that New York is tilting. I think that's still the case. Notwithstanding, New York is a great mysterious, wonderful place, OK? So Park Avenue South, which is what's what we call that So Midtown South is a smaller, but very highly sought-after submarket. There's not going to be any new construction in there.
… now let's go to conventional Midtown. Park Avenue has been a stepchild for a while. It's gotten older and tighter and that is now changing aggressively.
Park Avenue is going to reclaim its role as the great boulevard of commerce in the world. So we have JP Morgan Chase tearing down a building and rebuilding it with a stupendous headquarters building, which we're familiar with because they're using Norman Foster. So we have -- and their plans have been published. We own the adjacent building to that, 280 Park Avenue, which we're very enthusiastic about.
There are two other potential -- there's another brand new Foster building up at 55th Street. There's two more teardowns and rebuilds that are going to happen in Park Avenue. So Park Avenue is going to become what it always should be and that's a premier boulevard of commerce. So all of these parts in the city is not going to be segregated into one or two submarkets, all submarkets are going to do well.
We believe that on a relative basis, the Midtown West market, the PENN District market will do on a relative basis better than the others and will grow faster than the others and we'll have higher demand than the others. And the statistics, as I said, about market share, if you look at how much leasing is done in each district compared to how large a district is, the PENN District wins that race. But everything in New York is going to thrive, except for the really c*** buildings, and there are plenty of them.
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Alexander Goldfarb -- Piper Sandler & Co. -- Analyst
And Steve, you still feel confident on your bet on Penn Station winning the race over Grand Central even after the opening of East Side Access, which East Side Access obviously would be great for 280, great for 350 and your other neighboring buildings, but you still -- you don't think East Side access will eat into your Penn Station?
Steven Roth -- Chairman & Chief Executive Officer
No. I think it's -- I think the -- look, you can look at all kinds of negative issues. Penn Station has always been the transportation hub of this region for 100 years, OK? All of the networks and all the spiderweb of transportation from the 380 degrees come into Penn Station, and that's the way it's designed. Now obviously, there's going to be -- Grand Central, is not nothing, and -- but it will be fine.
There will be plenty of business in Penn Station. I'm not in a relative race with Grand Central. Grand Central is going to be fine. We think Penn Station is going to be a little and that's OK with me.
… There's an enormous amount of public capital that is being invested in Penn now. I'm sure you've seen the Moynihan improvement, which is, of course, ours all the adjacent real estate to retail, etc. And I'm sure you couldn't be more aware of the Gateway project, which is a massive infrastructure project. And I'm sure you're also aware of the plans to expand Penn Station's trackage which means capacity to the South, which is -- I mean these are huge infrastructure projects, which have 10-year projects and take tens and tens of billions of dollars.
And I can tell you that the government's focus is on Penn. So we believe in Penn. And that doesn't mean that Grand Central isn't going to thrive as well. It will, and we hope it will.
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