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  #181  
Old Posted Oct 19, 2020, 12:32 AM
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OCTOBER 18, 2020


A couple of months from opening...






















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  #182  
Old Posted Jan 16, 2021, 3:18 PM
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  #183  
Old Posted Jan 17, 2021, 1:59 PM
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They have received the construction permit, don't know the timetable on this....
































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  #184  
Old Posted Feb 25, 2021, 5:01 PM
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A look into some upcoming and current development by Vornado in the area...



https://seekingalpha.com/article/440...all-transcript

Vornado Realty Trust (VNO) CEO Steven Roth on Q4 2020 Results - Earnings Call Transcript


Feb. 17, 2021


Quote:
Steven Roth

Thank you, Cathy, and good morning, everyone. I hope all of you continue to be safe and healthy. Before Michael gets into the business review in the numbers, let me make a few comments. Notwithstanding that this is a new year, 2021 still feels a lot like 2020. The COVID pandemic remains a significant health risk, normal life continues to be disrupted, gatherings and travel are still restricted and office building occupancy remains quite low.

But there is light at the end of this long tunnel. Scientists and pharmas around the world have worked at warp speed. And with the rollout of various vaccines expected to accelerate in the coming months, we expect New York to begin to rebound with office workers and tourists returning in the second half.

When life returns to normalcy, the many positives of having employees working in the same space, together with their colleagues will become self-evident. In the end, I believe that working at home in one’s kitchen, alone, day after day, week after week is not a long-term proposition.
Quote:
In 2020, at the height of the pandemic, we completed our lease with Facebook for all 730,000 square feet of the office portion at Farley. This lease was the largest office lease in New York last year. The first phase of Facebook space was delivered in January, and the remainder will be delivered later this year.

The new Long Island Rail Road 33rd Street Entrants situated between PENN1 and PENN2 also opened in December. Its design is futuristic and unique and exciting, and that is intentional.

In December, we finalized our agreement with the MTA to develop the Long Island Rail Road Concourse. The retail stores on the North side of the Concourse are ours and season our PENN1 footprint. This project will double the width of the Concourse, relieve overcrowding, raise the ceiling to a grant 18 feet and created vastly improved Concourse for the hundreds of thousands of commuters who use it each day. Construction is now underway and our retail has been taken out of service.
Quote:
In 2021, we will deliver in phases our redevelopment of the 2.6 million square foot PENN1. This game changer will include 200,000 square feet of amenities, the likes of which are unparalleled in New York. We are targeting summertime opening of the 34th Street Lobby, with full completion shortly thereafter. Also in this year, our dramatic redevelopment of the 1.8 million square foot PENN2 will be in full swing.

Sitting here today, we are more confident than ever in our design and programming of the 4.4 million square foot campus at the combined PENN1 and PENN2. With unique and outstanding architectural design and amenities, sitting on top of New York's main transportation hub, with Apple and Facebook tenancies and other of our adjacent buildings, and with the governor's plan for significant additional investment in the PENN Station area, we couldn't be more excited.

To showcase our vision for the district, we have just opened our new Penn district experience center. Actually, that's a fancy word for a sales center, located on the seventh floor at PENN1 appropriately in the heart of the action. This 12,000 square foot marketing center is the best I've ever seen. It will be the venue for our regional development teams to present and showcase our projects to the brokerage community and prospective tenants. Early comments from brokers and tenants have been amazingly enthusiastic.
Quote:
At PENN1, we increased the budget to include the Long Island Rail Road Concourse redevelopment, which I just mentioned, as well as to sustainability initiatives we have added to the scope at PENN1. We are replacing all single paying glazing with new state-of-the art triple pane, high energy performance windows, which will dramatically improve energy loss, sound infiltration and tenant comfort.

We are also increasing the scope of PENN1 to include an electrification program to enable the building to access more clean renewable energy. These initiatives should command higher rents, but to be conservative we haven't adjusted for that in the budget.

At PENN2, the returns actually increased as we scrubbed the numbers with respect to expense and tax assumptions. As Farley, PENN1 and PENN2 come online, they will deliver very significant incremental earnings.



Quote:
Michael Franco

.....We are feeling more optimistic given what we're seeing in the first six weeks of 2021. Tour volume is up. We are seeing more tenant proposals coming into lease space, particularly in the financial services sector, and companies are looking to take advantage of current market conditions.

Importantly, as large companies begin to plan for their employees return to the office, they are also beginning to focus on their future lease expirations and interviewing brokers, as first steps in the process. We know of at least four companies with large space needs and the need to plan ahead, which held interviews during the month of January along in this regard.

Additionally, as the initial shock of COVID wears off and companies begin to look forward, most of the paused negotiations in our portfolio are restarting. Notwithstanding some of the positive signs, we anticipate leasing activity will remain slow for the first half of 2021.



Quote:
Question-and-Answer Session

Operator

Thank you. We will now begin the question-and-answer session
Quote:
Steve Sakwa

Okay. And I guess my follow up, Michael, you sort of talked about a number of tenants in the market today, and maybe you or Glen could just sort of speak to, I guess what I'm really looking for is space planning, how companies are thinking about densities and particularly for new deals, which, I think give everybody a blank slate to think about their footprints.

What are you seeing from tenants today that are looking at new space? How are they configuring it? What are the densities look like? And what does that portend for rollovers on other deals moving forward?

Glen Weiss

Hey, Steve, it's Glen. How are you? The first thing I would tell you, we're seeing a very large uptick in our presentations to big tenants coming out of the woodwork lots for this year. We've had five different presentations for large headquarter tenants in the last two weeks. That's number one. So you're starting to see people come out and start to see things and the reception has been excellent on our PENN project and 350 Park, number one.

Number two, as it relates to tenants plans, we've been reviewing that in a very focused way. We've seen no change to what tenants were doing pre-pandemic to what we see them doing now during the pandemic for future occupancy. So I do not see a change at all.

Steven Roth

Steve, we were -- the history of wellness [ph] is that in the old days, it used to be 250 or even 300 square foot per employee. And then along came Adam Neumann at WeWork and he tried to jam it down to 60 square feet per capita, which was his marketing effort. That's why his base was cheaper, because he put more heads into the same amount of space.

So both extremes are absurd, and so we see it settling in somewhere in between. And we don't see any major change as Glen said. We were on the phone yesterday with the senior team with [Indiscernible] who I think does probably more of this space design than anybody else. And they confirmed what Glen is seeing in the marketplace.

So, people have already gone through space planning, which is less formal, less rigid than the old fashion, offices lighting the perimeter windows. So one thing that we are seeing is that there's a reluctance on the part of people sharing offices or desks with other people.



Quote:
Jamie Feldman

Great. Thank you, and good morning. Steve, I want to go back to your comments about fiscal stimulus and how you think New York City might benefit. Can you just talk about, generally what you think could be coming and how that will impact the local economy?

And then also, I mean, we've seen plans from the governor on Midtown West, and then even conversions of vacant office buildings to maybe residential. Just want to get your thoughts on kind of all those topics and how you think that might impact the market and Vornado going forward? Thank you.

Steven Roth

Good morning, Jamie. How are you? So the world has changed radically. We now have a Biden White House, and we have a Chuck Schumer, majority leader in the Senate, who I remind you is Brooklyn born and bred, and a friend. And so, we believe that there is an enormous trend now towards fiscal stimulus, towards supporting obviously the people who have been harmed by the COVID pandemic, but also to keep the major cities in this country well lubricated with finance and money because they've been hurt enormously.

Now, the governor, who is the master builder of our generation has put football -- he loves it and he considers it to be the economic and transportation center of the universe. And if you look at his PowerPoints and Slideshows in his last number of state of the state speeches, et cetera you can see them very vividly.

So his program for the west side is lots of work in PENN, which are both aesthetic and logistical, including expanding the track capacity of PENN by acquiring and developing the 780 Block which is the block that continuous to the South. And that is expanding with four tracks I think it is. Also including the Gateway Tunnel. I'm corrected by my Head of Development that there are eight tracks, okay. How did they fit eight tracks in that space?



Quote:
Jamie Feldman

Great. Thank you for the thoughts. And then, how do you think about Vornado’s participation in expanding Midtown West? I know the port authority is on the Docket 2 for renovation. Do you see a lot more growth in your development pipeline or ability to get active in these projects?

Steven Roth

The bus -- getting active in the -- look, we understand public private partnership. So we were the major private partner in the [Indiscernible] development program as you know. So, we’re pre-familiar with this, but very-very intimate with the government and the state teams that do that kinds of stuff.

As I sit here right now, I don’t think the bus terminal is for us. I will remind you we have the better part of 10 million square feet of future development in our neighborhood across the street and down the block, and around the bed. So, we have our hand full with what we already own in terms of doing that. We will look at other opportunities as well.



Quote:
Jamie Feldman

Do you see the Midtown West plan competing with, I guess you can develop more to the East somewhere to like Manhattan Mall. I mean, it sounds like this is farther West than North. How do you think about just the interplay between those two, like your current land baying versus where it sounds like governor wants to expand?

Steven Roth

Well, I mean most of the stuffs that the government is working on is infrastructure. I mean, obviously on the 780 Block which is 30th Street to 31st Street adjacent to the station, the plan there is to build only 3 or 4 million feet on top of the new expanded eight track expansion. Now, obviously, those buildings are interesting, but they’re 15 years away. So, we’ll worry about them when the time comes.
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  #185  
Old Posted Feb 25, 2021, 8:59 PM
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i know this isnt constructive in any way, but i just cant stand this building, no matter what they do with it.

lipstick on a pig
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  #186  
Old Posted Feb 26, 2021, 3:31 AM
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Originally Posted by jbermingham123 View Post
i know this isnt constructive in any way, but i just cant stand this building, no matter what they do with it.

lipstick on a pig

The initial plan was to demolish it and rebuild, but they couldn't get government to contribute to the expense of it, so they went with plan B. Now we are likely stuck with it forever.
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  #187  
Old Posted Feb 28, 2021, 1:45 AM
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on the positive side, it does need to up its game with all the interest and action that is about to happen in that immediate area with empire station, so a refit and upgrade now is a good idea.
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  #188  
Old Posted Feb 28, 2021, 2:53 AM
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on the positive side, it does need to up its game with all the interest and action that is about to happen in that immediate area with empire station, so a refit and upgrade now is a good idea.

We haven’t spoken of it much, but the MSG Las Vegas looks like a showpiece, though much a design of Vegas. Still, MSG could use a rebirth, a showpiece for the Big Apple in more than just name.

That could makeup for 2 Penn.






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  #189  
Old Posted Apr 14, 2021, 2:48 PM
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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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  #190  
Old Posted Apr 14, 2021, 3:27 PM
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As far as a remodeling goes, I have to admit, I like it. What is so disappointing about this is their doubling down on investing in a building that should so obviously make way for a proper Penn Station.
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  #191  
Old Posted Apr 15, 2021, 2:43 AM
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That actually looks pretty good!
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  #192  
Old Posted Apr 15, 2021, 5:11 AM
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Well, we're stuck with 2 Penn now, unless they miraculously decide to drop all of the available air rights on this site. It's a big improvement over what's there, but we still could have gotten better. It'll become a landmark of sorts on the cityscape, you'll instantly know where you are when you see it (if you don't already).
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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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  #193  
Old Posted Apr 16, 2021, 11:02 PM
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Anyone else notice that they've gotten rid of everything on One Penn that wasn't solid black, while this building looks like it's going to be pure white?
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  #194  
Old Posted Apr 20, 2021, 6:29 PM
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^ Definitely a contrast.







Some interior Penn 1 work here...


http://books.vno.com/books/oiyr/#p=31
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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.
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  #195  
Old Posted Apr 21, 2021, 1:49 PM
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Originally Posted by Amanita View Post
Anyone else notice that they've gotten rid of everything on One Penn that wasn't solid black, while this building looks like it's going to be pure white?
now if only they could get rid of madi...nevermind i won't go there.
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  #196  
Old Posted Oct 15, 2021, 3:04 PM
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Credit: JC_Heights
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  #197  
Old Posted Oct 15, 2021, 3:12 PM
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What a massive improvement.
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  #198  
Old Posted Oct 15, 2021, 3:30 PM
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It is. They have been very busy on site.
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  #199  
Old Posted Oct 15, 2021, 4:01 PM
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It is. They have been very busy on site.
The Greatest City in the World just keeps getting better!
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  #200  
Old Posted Oct 15, 2021, 5:17 PM
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Originally Posted by NYguy View Post
We haven’t spoken of it much, but the MSG Las Vegas looks like a showpiece, though much a design of Vegas. Still, MSG could use a rebirth, a showpiece for the Big Apple in more than just name.

That could makeup for 2 Penn.






I wish we could get something like the Sphere somewhere in NY. Saw the B1M video on it and read some stuff and it seems really cool
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