NEW YORK | 15 Penn Plaza (Hotel Penn) | 1,050 FT / 315 M | 52 FLOORS

[NYguy]

Vornado files for demolition on the next block…


https://therealdeal.com/new-york/2026/07/08/new-york-citys-top-construction-permits-july-3-2026/

The largest demolition project filed last week was in Midtown, where Vornado Realty Trust plans to knock down four properties at 425 to 431 Seventh Avenue. The buildings measure a total of 29,300 square feet. Thomas Tagliano is the project’s engineer.

(The 4 in the center)

[ChiND]

Vornado must acquire that vile corner building. It's the Achilles Heel of the stretch.

[ChiND]

The City should partner with Vornado to build something like this on the execrable block between 33rd and 34th on the east side of Seventh. The City could exercise eminent domain to acquire the block’s Achille’s Heel on the northeast corner of 33rd and 7th.

https://www.newyorkyimby.com/2026/07/thr...th-avenue-in-hudson-yards-manhattan.html

[NYguy]

Originally Posted by ChiND

The City should partner with Vornado to build something like this on the execrable block between 33rd and 34th on the east side of Seventh. The City could exercise eminent domain to acquire the block’s Achille’s Heel on the northeast corner of 33rd and 7th.

There is already a plan for a tower in place for the site.

[ChiND]

Originally Posted by NYguy

There is already a plan for a tower in place for the site.

The plan should move forward ASAP, and the city should exercise eminent domain to acquire whatever Vornado does not own.

[JSsocal]

Vornado is building new 3-story retail buildings on all of the buildings except for the holdout/33rd St corner site and targeting higher end retail, it will also similarly demolish the west side of 7th avenue for new retail structures.

They are nowhere close to building an office building here or on the west side of 7th avenue, call it 10-20 years from now- maybe. They have talked about the Penn 15 site for 20 years now.. Vornado may be fine stewards of their properties, but they are not proactive with their portfolio.

https://www.6sqft.com/vornado-and-newmark-to-expand-penn-district-with-more-retail/

[NYguy]

Originally Posted by ChiND

The plan should move forward ASAP, and the city should exercise eminent domain to acquire whatever Vornado does not own.

Originally Posted by JSsocal

Vornado is building new 3-story retail buildings on all of the buildings except for the holdout/33rd St corner site and targeting higher end retail, it will also similarly demolish the west side of 7th avenue for new retail structures.

They are nowhere close to building an office building here or on the west side of 7th avenue, call it 10-20 years from now- maybe. They have talked about the Penn 15 site for 20 years now.. Vornado may be fine stewards of their properties, but they are not proactive with their portfolio.

https://www.6sqft.com/vornado-and-newmark-to-expand-penn-district-with-more-retail/

They will not build anything on that site before building 15 Penn. Low level, temporary retail (like on some if their other sites) is likely.

With regards to 15 Penn, 20 years to now are two different things. There’sca very particular market today with high demand vs. low supply. That (and the fact they had to demolish the placeholder) is why you’re seeing a push now.

[NYguy]

https://www.otdowntown.com/news/trump-ad...eeks-new-name-for-penn-station-LL6058519

Trump Admin Wants to Divert Property Taxes and Seeks New Name for Penn Station


MICHAEL ORESKES
25 JUL 2026

The Trump administration for the first time publicly said it wants to divert New York City property taxes from development projects around Penn Station to help pay for its $8 billion plan to transform the station into a world-class rail hub.

…”New York Penn Station will be rebuilt into a brand-new, world-class station,” Duffy told the Senators.

He asked them to help by authorizing “an additional $1 billion” for design and construction work on the new station. Additionally, he asked the Senators to incorporate into transportation legislation an amendment that would give Amtrak authority to collect what are known as PILOTS, payments in lieu of taxes, from development projects around Amtrak stations.

…..at the time no official put their name to the plan nor did they identify specific development projects, although sources said the prime focus was on a luxury office tower Vornado Realty wants to build across Seventh Avenue, on the site of the Pennsylvania Hotel, which Vornado tore down.

Vornado, the largest property owner in the neighborhood, is a part of Penn Transformation Partners, the consortium that won the competition to be Amtrak’s private partner in redeveloping the station.

The concept of diverting local property taxes to rebuilding Penn Station was original proposed by then Governor Andrew Cuomo, who drew up a plan, known as the GPP, to build as many as ten office towers and devote payments from them in lieu of taxes to Penn Station.

The Vornado tower on the Penn Hotel site was one of the new buildings in the GPP.

That plan is still officially on the books, although it stalled in large part because of the Covid induced real estate crash.