Quote:
Originally Posted by NYguy
With the way things are going between Vornado and JCPenny, the Manhttan Mall's days may be numbered. A large chunk of the air rights for 15 Penn cam from the mall, and another large chunk came from planned improvements to subway connections, including reopening the pedestrian passageway between Penn and the Herald Square connections, which include the PATH train. All of that could be lost if Vornado chooses to do nothing. But I think there is more at play here.
|
Vornado has spent huge sums on assembling air rights for the 15 Penn Project, so if they renovate the hotel it's either A. a temporary stopgap until the office market improves or B. a permanent change, and they're putting the air rights somewhere else.
They also own the entire block to the north, and really most of the office buildings in the general Penn Plaza area. I don't know what this means, but we'll probably hear more soon. In any case, those air rights are going somewhere.