Steven Roth, Chairman and CEO, Vornado Realty Trust:
At Penn Penn we are creating a campus of multiple interconnected buildings under one ownership. We’re delivering exactly as we said we would and there is much more to come.
As a starter we are well along in the development process for a rental residential project on our Thirty-fourth Street site Catty Corner to the Moynihan Train Hall.
Next we are going to transform as much as 700 front feet of tired old retail on both sides of Seventh Avenue along Thirty-fourth Street into attractive modern and exciting retail offerings.
The gateway to Penn is Seventh Avenue at Thirty-fourth Street. This stretch across the street from Macy’s used to be a top three location and returning to that top three is our goal.
As I said before, the Penn District will be a growth engine for the company for years to come with rising rents and future development projects including the PENN15 site and potential residential opportunities.
Vornado shares details for planned apartment building near Penn Station
Aaron Elstein
September 5, 2025
Quote:
Vornado Realty Trust quietly divulged new details about its long-rumored plan to develop an apartment tower across the street from Penn Station and Madison Square Garden.
The developer envisions spending about $350 million to build a 475-unit apartment tower on the northeast corner of West 34th Street and Eighth Avenue, Vornado President Michael Franco said at an investor conference this week. Vornado plans to tap a state program called 485-x that provides tax incentives to develop affordable housing, according to a report about the conference from Evercore ISI analyst Steve Sakwa.
Further details, such as how many units would be affordable, weren’t available. Vornado declined to elaborate on Friday.
Quote:
On Thursday evening Vornado officials shared a plan with Manhattan Community Board 5 to build an enclosed pedestrian bridge over West 33rd Street between Seventh and Eighth avenues to connect the second floors of Penn 1 and 2.
“This gives people one more way to move that streamlines things and makes the area more pleasant,” Vornado executive Judy Kessler told members of the board’s parks, public spaces and environment committee, some of whom expressed concern that the bridge would obscure views of the Empire State Building.
Vornado is best known as an office-tower owner but has developed apartments, including the supertall building at 220 Central Park South, and owns 50% of a former Mitchell-Lama property in Tribeca called Independence Plaza. CEO Steven Roth said in April he was ready to sell office buildings and develop apartments, adding work would begin “shortly” at the corner of West 34th and Eighth.
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