Posted Dec 25, 2014, 2:50 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,789
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Quote:
Originally Posted by Pete8680
Here's a head scratcher 4 me. Developers want to tear down MSG to make a new "old" Penn Station yet in the same area developers want to tear down Hotel Penn WHICH WAS BUILT FOR the long gone old "old" Penn Station! At least preserve the walls of Hotel Penn 2 serve as a base for 15 Penn Plaza. At least the outer walls of Hotel Penn r worth preserving.
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It's not much of a head scratcher. The hotel and station was built in a different era of travel. While Penn Station still serves inter-city travel on Amtraks busies Northeast Corridor link, it is a hub of commuter travel. Witness Grand Central Terminal, which stopped Amtrak service years ago. It is a vital link into the city, and at the heart of the city's commercial district. The plan to redevelop the west side is to allow for the creation and expansion of the city's business district. What's further, the current Penn Station is a cramped basement, vastly overpopulated beyond capacity, and in desperate need of an overhaul. It has nothing to do with hotel space.
Meanwhile, Vornado continues to make moves toward its ultimate goal.
http://www.crainsnewyork.com/article...-11-penn-plaza
AMC Networks grows at 11 Penn Plaza
The cable channel known for hit shows 'Breaking Bad' and 'The Walking Dead' will occupy a total of 330,000 square feet
at the 1.1 million-square-foot office building across the street from Penn Station.
BY DANIEL GEIGER
DECEMBER 24, 2014
Quote:
Another huge office tenant has planted its flag in the neighborhood surrounding Penn Station.
AMC Networks has renewed and expanded its lease at 11 Penn Plaza, the 23-story, 1.1 million-square-foot office building across the street from Penn Station, the nation’s busiest transit hub.
The cable network, which became one of the most popular in recent years by airing hit shows like Breaking Bad, Mad Men and The Walking Dead, is taking a total of 330,000 square feet. AMC has been in the building for over a decade, when it was still a subsidiary of Cablevision. It was spun off into its own company by Cablevision in 2011
AMC, which owns other television properties like IFC and SundanceTV, is growing by about 40,000 square feet at 11 Penn Plaza. Asking rents at the tower are in the $60s per square foot.
The deal is one of several large leasing transactions completed recently by major tenants at 11 Penn Plaza and in the surrounding area. Last year, department store giant Macy’s renewed its roughly 650,000-square-foot lease at 11 Penn Plaza. Last month, Vornado Realty Trust, the huge Manhattan landlord that owns the property, also signed a 470,000-square-foot lease with online retail giant Amazon at a building it owns nearby, at 7 W. 34th St.
Vornado is the largest landlord in the Penn Plaza district, with almost a dozen properties in the area. Although the neighborhood is at the northern edge of midtown south, the city’s most popular office district, and surrounds the city's busiest transit hub, it has lagged other midtown south neighborhoods, like the Flatiron district and Chelsea, in popularity.
The recent commitments from major tenants, however, is a sign of that beginning to change, and that Vornado’s years-long plan to help transition the neighborhood into a more coveted office district is finally gathering steam.
Mary Ann Tighe, the New York CEO of CBRE Group, and Gregory Tosko, a broker at the firm, led a team that represented AMC in the deal. Glen Weiss, a Vornado executive who oversees leasing for the company's huge Manhattan portfolio, represented the firm in-house.
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