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  #161  
Old Posted May 7, 2020, 2:59 AM
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  #162  
Old Posted May 7, 2020, 3:10 AM
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https://www.fool.com/earnings/call-t...-call-tra.aspx

May 5, 2020

Vornado Realty Trust Q1 2020 Earnings Call
Steven Roth -- Chairman of the Board and Chief Executive Officer


Quote:
...we are scheduled to receive $750 million from 220 Central Park South closings from May through the balance of this year. So you might say our liquidity is really over $4 billion. Interestingly, since the heat of the crisis in mid-March and through April, we closed as scheduled five units for net proceeds of $210 million.

We remain committed to our redevelopment and capital plans for the Penn District, Farley, PENN1 and PENN2. These projects are the center point of our Penn District vision, the new epicenter of New York, where we will be delivering for tenants cutting-edge, next-generation amenities and services unmatched anywhere. Each project is progressing, albeit at a somewhat slower pace due to government-mandated construction restrictions.

As we have said before, these three large Penn District projects are debt-free and are being funded off our balance sheet and from the aforementioned proceeds from 220 Central Park South closings.
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“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.

Last edited by NYguy; May 7, 2020 at 3:25 AM.
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  #163  
Old Posted May 7, 2020, 7:19 PM
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NY Guy, will the exterior of MSG be having any work performed on it?
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  #164  
Old Posted May 7, 2020, 10:23 PM
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Originally Posted by Submariner View Post
NY Guy, will the exterior of MSG be having any work performed on it?
Doubtful. The Garden was renovated a few years ago. It would be nice if they did something, including moving it, but I doubt it.
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  #165  
Old Posted Jun 8, 2020, 3:55 PM
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  #166  
Old Posted Jun 11, 2020, 4:00 AM
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  #167  
Old Posted Jun 11, 2020, 3:54 PM
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The giant overhang cantilever looks cool in renderings but these things often fail as public spaces in real life. People don't like the feeling of being under a giant mass outdoors like that. It's gloomy. We will see if they can pull it off in real life I suppose.
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  #168  
Old Posted Jun 16, 2020, 4:31 PM
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Still looks on target to open the end of the year...















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  #169  
Old Posted Aug 5, 2020, 2:10 AM
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https://seekingalpha.com/article/436...all-transcript

Vornado Realty Trust (VNO) CEO Steven Roth on Q2 2020 Results - Earnings Call Transcript

Aug. 4, 2020


Quote:
Jamie Feldman

And then as you think about, I mean, now that Farley is done. Can you talk about the conversations around PENN 2. I mean, what is that depth of demand look like? I know you've got some time before that project is completed, but just - that's certainly next step to the plate?

Steven Roth

It sure is. So the first thing is that, I'm sure you have, but I ask you again, take a look at our website where we have a fairly large picture book of what we are going to be doing at 2 Penn, what it's going to look like, what the amenities are, what the services we're going to bring to our tenants.

And by the way, we look upon PENN 2 and PENN 1 as a campus, because those two buildings will be interconnected. So we have basically a 4 plus billion square foot campus in - on top of Penn Station, which is - I submit an unbelievably scarce asset and valuable.

The development plan for 2 Penn is too long. It's the better part of three years, but that's what it takes. So we have lots of time in terms of the leasing. We are going to basically - Glen is basically going to stay out of the market for the next year. We're not even going to entertain, well, if something comes along maybe, yes, but basically our intention is to not start to lease it for a year when the market begin to see some of - a better visibility into what the product will look like.

Now there was some conversation that in past calls where we said that we had a 400,000 foot anchor tenant to whom we were talking that I said in last quarter's call that conversation has - as expected gone into pause. Not gone away, gone into pause, okay.

The major tenant in that building now is somebody called Madison Square Garden. They have been in that building for decades. That building is adjacent to their business. And so, that's really - 2 Penn has been the home of Madison Square Garden for a long while. So you can put two and two together, but the - and that's - and that's the status report on that
.
Quote:
Steven Roth

The other thing, by the way, is the design of the building with the bustle creating the overhang, creating the prominence, creating the entrance to Penn Station, et cetera. I mean, it has got universal applause.

And so, we're pleased about that. There is an elephant company that's in the marketplace that is looking - by the way, it happens to be looking at both 350 Park Avenue, and 2 Penn, which is an interesting combination of locations. And their boss basically said that going through the renderings and the presentation that he thought that the design and the bustle were extraordinary piece of architecture and we agree with that.
Quote:
Jamie Feldman

Okay. Thanks for the color. And you're saying that the tenant looking at 350 Park and 2 Penn, they would only take one. They are not --

Steven Roth

Glen is good, but he can't sell a space twice. No, they would only take one.
Quote:
Alexander Goldfarb

....Next, I was going to give you a plug for talking to Steve Schwarzman, your buddy about anchoring 350, but sounds like Glen is also trying to sell him on Penn Station. So look forward to that as well.

Steven Roth

Well, first of all, I'll pass the congrats off to Glen and David. Second of all, don't make that conclusion. It's not a good conclusion.
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  #170  
Old Posted Aug 24, 2020, 1:19 AM
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Facade almost complete at 1 Penn...


August 23, 2020










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  #171  
Old Posted Aug 25, 2020, 1:17 AM
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It's 2020 and they went with "low rent 1980's glass facade". Great.
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  #172  
Old Posted Aug 25, 2020, 1:37 AM
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It's 2020 and they went with "low rent 1980's glass facade". Great.
They didn't do the lower levels yet. But from what I can tell the glass appears to be an improvement over what was there. They're going another way with the 2 Penn glass. It'll be interesting to see what they do for Penn East and Penn West.
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  #173  
Old Posted Aug 25, 2020, 4:24 AM
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Quote:
Originally Posted by NYguy View Post
They didn't do the lower levels yet. But from what I can tell the glass appears to be an improvement over what was there. They're going another way with the 2 Penn glass. It'll be interesting to see what they do for Penn East and Penn West.
There's no new glass here, this is a cleaning and repainting of the existing facade. (Similar to what was done at the financial times building several years ago).
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  #174  
Old Posted Aug 25, 2020, 2:52 PM
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Originally Posted by JSsocal View Post
There's no new glass here, this is a cleaning and repainting of the existing facade. (Similar to what was done at the financial times building several years ago).
Same thing to me. It looks new. The facade now more closely resembles the facades on the side of the building.






https://www.vno.com/office/property/...311658/landing

Quote:
The exterior building renovation is nearing completion with significant upgrades, including full façade painting - taking the mullions from silver to black, and the installation of distinctive color change lighting in the building crown, illuminating PENN 1's place in the ever changing skyline.
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  #175  
Old Posted Aug 26, 2020, 3:20 AM
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It's a shame we're gonna lose those cool red roof signs, but color change crown lighting is pretty sweet!
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  #176  
Old Posted Aug 26, 2020, 9:23 PM
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A look at 1 & 2 Penn from earlier today....



















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  #177  
Old Posted Sep 6, 2020, 2:03 AM
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“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.
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  #178  
Old Posted Sep 16, 2020, 3:57 AM
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“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.
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  #179  
Old Posted Today, 12:45 AM
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1 Penn's new look in the crowd...


https://www.instagram.com/p/CFXKZaMlqiQ/

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“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.
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