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Originally Posted by Sky88
In my opinion Vornado speaks a lot and does little. Is still struggling with plans for 1 and 2 Penn Plaza.
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Which is why you should probably think less, and read more. It has been repeated on this forum that work on 1 and 2 Penn Plaza (which has long been underway, and nearing completion at 1) was being backed by the proceeds from the extremely successful 220 Central Park South. It isn't "struggling" with anything.
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If we consider that Vornado has many new potential sites in the Empire Station district, given the slowness with which it proceeds with the new projects, I do not know if Vornado succeeds in completing some new towers in that district. I have many doubts about it.
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Vornado is in position to build, and will build when they can generate the rents desired. In other words, when the time is right, which it now is. That they were able to keep the Hotel Pennsylvania open is one reason they can abide their time on this project. Otherwise, 15 Penn was the first major proposal to attract a major tenant to Manhattan's west side in this era, although that later fell apart due to the financial crisis. If not for that, this tower would have been built already.
https://www.nysun.com/business/merri...midtown/60427/
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Merrill Lynch May Relocate to Midtown
By JULIE SATOW
August 14, 2007
Merrill Lynch is inching closer to a deal to relocate its headquarters to Midtown from Lower Manhattan. The investment bank, which has been headquartered downtown since its founding in 1914, has exchanged documents detailing a potential deal with Vornado Realty Trust to be the anchor tenant at a new office tower it plans to build across from Madison Square Garden.
Merrill Lynch is "trading paper with Vornado now" to relocate to a proposed 2.5 million-square-foot office tower at the site of the Hotel Pennsylvania, a real estate professional close to the negotiations said.
While Merrill does appear to be moving ahead with Vornado, there is no term sheet on the table. The investment bank also has six more years before its lease expires, and it is in ongoing discussions with Silverstein Properties about possibly relocating to one of the new towers at the World Trade Center site. Its current landlord at the World Financial Center, Brookfield Properties, is also working hard to keep its tenant, even proposing to build the bank a new 500,000-square-foot trading pavilion attached to Tower 2.
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http://www.nypost.com/p/news/busines...3388CC0A85AC3C
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Merrill Lynch execs would prefer to be at Vornado Realty Trust's Hotel Pennsylvania site opposite Madison Square Garden, sources told The Post.
While Brookfield Properties and Battery Park City officials have been able to enlarge their proposed trading floor addition by eating into the lobby of 2 World Financial Center, it would still mean relocating all of the employees for three to four years, as the investment bank doesn't want to endure a disruptive floor-by-floor renovation job.
"What Larry [Silverstein] has decked up financially is not superior to [Vornado's] Hotel Pennsylvania, and it's not big enough," our source said.
Top execs are expected to meet with city officials within a week to chomp the numbers and the land-use review time frame on the 3 million square-footer proposed by Vornado.
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