Posted Nov 3, 2021, 12:10 PM
|
|
New Yorker for life
|
|
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,850
|
|
The windows are removed. It’s interesting watching Vornado do basically tge same thing at Penn and at 666 5th Avenue.
https://www.fool.com/amp/earnings/ca...ings-call-tra/
Quote:
VNO earnings call
November 3, 2021
Steven Roth -- Chairman and Chief Executive Officer
…..New York has clearly emerged as the second-largest and second most important tech hub in the country. Our activities in the Penn District are full steam ahead, here's the latest. At Farley, we are targeting opening The Fuller hall on the Ninth Avenue entrance by year end. Facebook's tenant work is proceeding with first employee occupancy scheduled for second quarter 2022.
At the Moynihan Train Hall, we have completed 22 retail leases. We are gratified and validated that Starbucks reports that its Moynihan -- its new Moynihan store is trending No. 1 out of its 190 Manhattan locations. In Penn Station, our Long Island Rail Road Concourse construction is about one-third complete.
We will now own both sides of this heavily traffic concourse. It will be a big win for us. The 34th Street, half of the PENN1 lobby is open and it is spectacular. Come take a look.
Our unique three-level, world-class amenity offering will open shortly, and the other half of the PENN1 lobby which fronts our 33rd Street will be completed end of first quarter 2022. At PENN2, our full building transformation is well underway, on schedule, and on budget. The job is largely bought out.
The demolition of Hotel Penn will begin this month, creating the best development site in the city.
|
Quote:
Both office and retail tenant interest is high the Penn District with multiple large office users now focused on PENN2. Let me review again our Penn District financing plan. Capital required to complete Farley PENN1 and PENN2 is about $1 billion before TIs and that will be paid for entirely from our cash on balance sheet. Further, Farley, PENN1, and PENN2 are free and clear, unencumbered by any mortgage debt whatsoever.
|
__________________
NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
|