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  #81  
Old Posted Nov 3, 2018, 1:38 PM
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Quote:
Originally Posted by antinimby View Post
At least you can duck under it during a rainstorm.
You can do that now. I can't imagine Cuomo is pleased with this, but then again, he might find a way to twist this into a win.

Neither of these is great, but I don't see both coming together in any visually pleasing way.



https://www.6sqft.com/cuomo-reveals-...-penn-station/
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  #82  
Old Posted Nov 4, 2018, 3:53 PM
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Originally Posted by Submariner View Post
Cancer is an improvement for 2PP. That doesn't make it a good one.

Plus, it gives that scumbag Dolan the excuse to say "whats the point of moving MSG" when it comes time to renew his license.

And, it still looks like a lazy, shitty box.
In my opinion, it's a decent improvement for what is now a lazy, shitty box
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hmmm....
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  #83  
Old Posted Dec 13, 2018, 7:00 PM
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https://therealdeal.com/2018/12/13/v...redevelopment/

Vornado moves forward with redevelopment of Penn Plaza
Firm filed plans with DOB for lobby overhaul


By Eddie Small
December 13, 2018


Quote:
Vornado just moved one step forward with its major overhaul of Penn Plaza.

The company filed plans with the Department of Buildings on Thursday to add 140,000 square feet of space to the 31-story Two Penn Plaza. Vornado plans to build a new three-story, lobby with retail space, modify the building’s existing entrance to Penn Station and expand the office floors.
Quote:
The firm expects overhauling Two Penn to take between 24 and 30 months and will eventually combine it with One Penn Plaza to make a 4.4 million-square-foot campus.
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  #84  
Old Posted Dec 13, 2018, 7:14 PM
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Awesome! Let's celebrate! ............ says no one.
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  #85  
Old Posted Feb 11, 2019, 1:36 PM
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No signs of work yet on any of the Penn Plaza buildings, and I'm not sure what they're planning with reduced plaza space...


https://zap.planning.nyc.gov/projects/P2018M0104

Quote:
1 Penn Plaza - Plaza actions

Special permit pursuant to Sections 37-622 and 74-761 to reduce plaza area, and Authorization pursuant to Sections 37-623 and 37-727 to permit a nighttime closure of certain portions of a bonused plaza. Application MAY include one or more open air cafés and a kiosk pursuant to Section 37-73.
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  #86  
Old Posted Feb 11, 2019, 2:37 PM
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This redevelopment is garbage. Vornado should do a total raze and rebuild.
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  #87  
Old Posted Feb 11, 2019, 2:46 PM
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It's now or never for a totally reimagined Penn, and the fact they appear to be choosing never just makes me sad. How could anyone get excited for this?
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  #88  
Old Posted Feb 12, 2019, 2:44 PM
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So this is what's going on. I have to say, this sounds a little off to me. I'm through and around the area a lot at night, and the element that needs to be moved is from around the entrances to Penn Station, not 1 Penn Plaza. Reading this sounds ridiculous.


https://therealdeal.com/2019/02/12/v...ne-penn-plaza/

Vornado wants to clean up “crack alley” around One Penn Plaza
Landlord asks city for permission to close public plazas at night to deter unseemly activity



By Rich Bockmann
February 12, 2019


Quote:
A host of undesirables engaging in lewd behavior are proving a major headache for the Penn Station area’s largest landlord.

Vornado Realty Trust is undertaking a $200 million renovation of One Penn Plaza, and wants the city’s help in fixing what it dubbed “crack alley,” public documents show.

“You need to do something about the vagrants, bums, crackheads, crack-whores, scallywags, ne’er-do-wells, drunks, drug addicts, knife-fights, fist fights, bi**ch-slapping, and yelling sessions that are beginning to take place – again – in what has come to be known as ‘crack-alley’ and ‘crack-head park’ on both sides of” One Penn Plaza, one of the building’s tenants wrote in a work order, which Vornado attached to an application it filed with the city.
Quote:
Vornado has asked the Department of City Planning for authorization to shut down two through-block public plazas that bookend either side of the 57-story, 2.5 million-square-foot One Penn office tower during nighttime hours.

“The combination of some emotionally disturbed individuals as well as drug addicted individuals looking for a place to sit, sleep, or transact drug deals makes the relative seclusion of certain areas of the through block plazas attractive locations,” representatives for the real estate investment trust wrote in an application to the city.
Quote:
Vornado declined to comment. The REIT is looking to overhaul its two properties adjacent to Penn Station – the office buildings at One and Two Penn Plaza – by combining them into a connected 4.4 million-square-foot megacampus.

The firm’s chairman and CEO Steve Roth described the repositioning of the Penn Plaza area, where it controls over 9 million square feet, as the company’s “big Kahuna.”

If there is such a problem around the plazas, the issue is with the City. But I find those claims to be far-fetched. Although I do have to say I don't hang out around the building, I just walk through there. And I'm in Duane Reade a lot.


Quote:
Three blocks to the north, there’s a needle-exchange program on West 37th Street – the only authorized program in Manhattan between the Lower East Side and 123rd Street in Harlem. There’s a methadone clinic nearby on West 35th Street. And at night, the Port Authority Bus Terminal tries to clear out its homeless population, which “results in streams of displaced people heading down Eighth Avenue toward Penn Station,” according to Vornado.

Vornado said that between late September and late December 2017, private security responded to 145 calls, more than half of which were for emotionally disturbed persons or drug use. About 40 percent of the time the police came in or 911 was called.
Quote:
And the landlord said vagrants harass and physically threaten security staff and maintenance workers, which makes it difficult to clean the place. Some maintenance workers have to wear special gloves in order to not get pricked by syringes.

Vornado wants permission from the city to close the eastern public plaza from midnight to 5 a.m. in the morning and the western plaza from 10 p.m. to 7 a.m. from April through October and 8 p.m. to 7 a.m. for the rest of the year.

“Eliminating these areas from the realm of ‘24/7 hangouts’ by closing them at night,” Vornado’s representatives wrote, “will enable the plazas to be opened every morning clean of debris and safe from the overnighters who lurk there and will reduce the options in the district for nighttime drug dealing and other illicit activities, thereby improving the overall level of security in the neighborhood.”
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  #89  
Old Posted Feb 12, 2019, 8:26 PM
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Happy to see that the success of 220 CPS is leading to more crap here...


https://therealdeal.com/2019/02/12/w...-from-220-cps/

What Vornado plans to do with the massive profits from 220 CPS
"I’m guessing that this is the most successful apartment project ever, anywhere," Steve Roth says on Q4 earnings call






By Kevin Sun
February 12, 2019


Quote:
As closings at 220 Central Park have started rolling in, Vornado Realty Trust knows exactly what it will be doing with the massive profits, estimated at $1 billion.

“Big picture, our financial plan is to redeploy the proceeds of 220 CPS sales into the cap[ital] ex[penses] of Farley, Penn One, and Penn Two,” Vornado CEO Steve Roth said on the company’s fourth-quarter earnings call Tuesday morning. “Give or take, we expect to fund all of this cap ex probably with no or very little new debt.”

“I’m guessing that this is the most successful apartment project ever, anywhere,” he added.
Quote:
In the fourth quarter, Vornado closed 11 units at 220 CPS totaling $222 million dollars, with a $67.3 million after-tax gain. The company has closed another $290 million so far in 2019, the lion’s share of which came from Ken Griffin’s record-breaking $238 million penthouse purchase.

The last of the tower’s 27 large, full-floor apartments is now under contract, and closings will continue through 2020. The first sales from the building will go toward paying off the remainder of a $950 million loan from Bank of China.

“All of the capital that comes out after that, which is gonna be the better part of a couple of billion dollars, will go into cap ex or other purposes,” Roth said. “We’re going to be building these buildings with no interest cost, and therefore the profit in those buildings will be higher.”
Quote:
The ultra-luxury condo project, which has a projected sellout of $3.4 billion and total construction cost of $1.4 billion, is expected to generate a $1 billion profit for Vornado, according to previous disclosures. The company’s renovation of One Penn Plaza will cost about $200 million, while Vornado and the Related Companies previously committed to invest $630 million into the redevelopment of Moynihan Train Hall. Vornado later purchased a portion of Related’s stake in the project.


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Last edited by NYguy; Feb 12, 2019 at 8:42 PM.
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  #90  
Old Posted Feb 14, 2019, 5:21 AM
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Back in 2010, I visited NYC for the first time, and when my flight home was cancelled and rescheduled for 24 hours later, I spent an unexpected night in Manhattan, at the Hotel Pennsylvania. (What a mess, but I was desperate and didn't want to sit in a shitty motel near the airport for a whole day) I didn't know my way around the neighborhood nearly as well as I do now, and ended up grabbing supper at a Chinese place right across the street from One Penn Plaza. I remember killing time by just walking around, and I noticed that the plazas in question at One Penn were closed after a certain hour. I guess they must have changed that, or the city made them change it at some point.
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  #91  
Old Posted Feb 22, 2019, 2:04 AM
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By the way, I notice that they've closed off the plaza at 33rd Street, looks like preparation for some work - maybe the permanent plaza. Who knows.


https://savethehotel.org/news-3/

Quote:
Steven Roth


In the Penn District, we are under way to transform PENN1 and PENN2 to create a two building 4.4 million square foot campus right on top of Penn Station. It will include a three block, Grant Plaza along Seventh Avenue covered by a giant new bustle across the entire 400 foot frontage of PENN2.

This plaza will extend 70 feet out from the building and will be 50 feet above the street. It will serve a dual-purpose. It will be striking, creating a huge covered plaza in front of our 1.8 million square foot PENN2, and the main entrance to PENN Station. It will bring the neighborhood into the modern age.

Quote:
David Greenbaum

PENN1 is a tone setter for the new Penn District neighborhood, where we will create a hospitality rich communal workplace for our district-wide tenants from the lobby to the second and even to the third floor. Physical work has commenced both our facade restoration and elevator modernization programs have begun.

We’ve completed the necessary arrangements to relocate office and retail tenants at the base of the building, which will allow us to begin the real construction work on this transformational project, once these tenants move this coming summer.

At PENN2, we are finalizing our plans and permits with construction to commence during the first quarter of 2020. Here we have completed the necessary tenant relocations to make way for this fill building capital program, delivering 1.8 million square feet of unique modernized office space along with all new retail offerings, outdoor plazas and multiple amenities, which will also serve our tenants district-wide.

Collectively, the projects we are undertaking at Farley PENN1 and PENN2 are the catalysts to our recreation of the Penn District neighborhood in the epicenter of the new, New York. I encourage you to take a look at our Penn District plans, which are now posted on our website at www.vno.com homepage.
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  #92  
Old Posted Feb 22, 2019, 6:39 AM
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I noticed they mentioned facade restoration for One Penn, so not a total reclad. One Penn will still be recognizable after all this is done.
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  #93  
Old Posted Mar 2, 2019, 2:45 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.

Last edited by NYguy; Mar 2, 2019 at 2:56 AM.
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  #94  
Old Posted Mar 2, 2019, 2:49 AM
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Penn1 looks great. Penn 2 looks absolutely ridiculous and like a waste of space.
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  #95  
Old Posted Mar 2, 2019, 4:21 AM
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I quite like the base/street-level view of Penn2
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  #96  
Old Posted Mar 2, 2019, 8:05 AM
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I'm really liking both!
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  #97  
Old Posted Mar 2, 2019, 11:59 AM
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I agree with streetscraper, the renderings for Penn2 look really good. I can't believe I'm about to say this, but I think I'm going to like 2 Penn Plaza
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  #98  
Old Posted Mar 2, 2019, 2:44 PM
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I agree. It looks great. I wish that they would raze that crappy group one-story buildings and build a nice plaza with seating and fountains.
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  #99  
Old Posted Mar 2, 2019, 9:23 PM
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Originally Posted by Hudson11 View Post
Penn1 looks great. Penn 2 looks absolutely ridiculous and like a waste of space.
They're doubling down on a mistake that was made when this building was originally built. It's a wasted oppurtunity to give us something that at least pretends to be a grand entrance to Penn Station, undoing some of the mistakes of the past. And I know that they wanted to do something grander here, but instead we have to settle for this. I'll say it, and keep saying it. It's the wrong place for this.


Quote:
In his annual letter to investors last month, Roth wrote that Vornado is considering tearing down 2 Penn Plaza and replacing it with a new tower. But during Tuesday’s call, he said that the development probably won’t happen after all because the company is having a hard time landing public subsidies to fund it.

“It does not appear that that plan is going to go forward and is feasible,” Roth said. Instead, the company will renovate the tower, give it a new facade and add 300,000 square feet near the base.
Oh well.
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  #100  
Old Posted Mar 3, 2019, 9:38 PM
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It's not ideal but a major improvement. Deny any more extension of the lease past 2023 for the Dolans and get MSG out of there, and things would be even better.
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