Posted Apr 9, 2018, 12:51 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,890
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From the redevelopment thread...I may have to merge the two.
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Originally Posted by NYguy
I wonder if Cuomo's proposal will include a return of this proposal for 2 Penn...it would have lifted a max FAR cap on the site.
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Can't say that I am shocked.
https://therealdeal.com/2018/04/09/v...r-giant-tower/
Vornado considers tearing down 2 Penn to make way for giant tower
Steve Roth says REIT has grand plan for Penn Plaza "Promised Land"
By Kathryn Brenzel
April 09, 2018
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In his annual letter to investors, Vornado Realty Trust CEO Steve Roth said the company is considering razing 2 Penn Plaza to make way for a new building that would double the current tower’s footprint.
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Quote:
By demolishing the 1.6-million-square-foot tower, Vornado would potentially be able to transfer some of the 5 million square feet of air rights at Madison Square Garden, which the real estate investment trust co-owns with the Dolan family. Some of the air rights could be “sprinkled to adjacent sites,” Roth noted, but the intention seems to be to create massive new development.
“The old 2 Penn has a 60,000 square foot footprint, the new [one] would have a 120,000 square foot-plus footprint at the base, perfect for our creative class tenants,” Roth said. “There would be towers above and a significant retail component below sandwiched between the train station and the office base.”
Unlocking those air rights would require the redevelopment of Penn Station.
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