NEW YORK | 15 Penn Plaza (Hotel Penn) | 1,200 FT / 388 M | 61 FLOORS

[hunser]

mostl likely by 2012 (see previous posts)...

[yankeesfan1000]

Originally Posted by Skyscraper Sebastian

When will construction start?

When they get an anchor tenant. Hopefully once the few large blocks of available office space are leased, there will be a domino effect and we'll see firms sort of scramble to get large blocks in towers like this that are just waiting for tenants.

[NYguy]

http://www.nytimes.com/2011/03/16/re.../16subway.html

Developers in New York Try to Ease Prickly Relations

By JULIE SATOW
March 15, 2011

...Mr. Paley and his team were given the task of spurring development around transit centers, mostly in suburban areas, and to coordinate the many public agencies and other stakeholders that are often involved in large, privately financed transit improvements. With the real estate market now beginning to thaw, his role may become more critical.

“It was very quiet when I first came onboard, but in the past several months, the phone in our office has begun ringing, indicating to me that developers are warming to the idea of building again,” Mr. Paley said.

Mr. Paley’s first big deal in New York City has been an agreement with Vornado Realty Trust to develop 15 Penn Plaza, a proposed office tower that would replace the Hotel Pennsylvania on Seventh Avenue between 32nd and 33rd streets. Vornado is hoping to construct a 2.05 million-square-foot office building, exceeding what is allowed under the current zoning.

In exchange, Vornado agreed to build and maintain transit improvements, including reopening the Gimbels Passageway that connects Herald Square and Penn Station. Under the proposed plans, it would transform the passageway, which was closed in the 1980s, into an 800-foot pedestrian concourse to rival Rockefeller Center.

Vornado has said it would not begin construction on the project until it secured an anchor tenant. Still, it wants to have all of its approvals in place in expectation of finding that tenant, and so last summer it negotiated a deal with the transit authority and the city. Known as a restrictive declaration, the agreement, which is recorded against the property and enforceable by the city, includes several clauses meant to prevent a repeat of the problems with the escalators at Zeckendorf Towers.

Among the requirements is that the transit improvements must be designed and agreed upon before the city will grant Vornado building permits. “Otherwise, if the construction starts, and the building moves quickly, there is a risk that the public improvements that were promised will get left behind,” Mr. Paley said.

To ensure that Vornado maintains the improvements, and in the event that 15 Penn Plaza changes ownership, Vornado must provide financing security, possibly in the form of a letter of credit. The developer also will be unable to get a temporary certificate of occupancy until the transit improvements are substantially completed, Mr. Paley said.

[NYguy]

This could only be good news for several Manhattan developments...


http://www.nypost.com/p/news/busines...jASdlsu3McsbhI

By LOIS WEISS
April 6, 2011

It looks like the trend lines are sweeping upward into positive absorption and increases in both asking rents and net effective rents.

At its quarterly press breakfast at Michael's yesterday morning, Cushman & Wakefield execs said 7.6 million feet have already been leased in the first quarter of 2011.

"The question is whether you can sustain 2.5 million square feet a month [of leasing] or is it leveling off?" said COO Joe Harbert.

The leasing activity has already bumped the vacancy rate down to 10 percent from 10.5 percent at the end of December and 11.6 percent just one year ago.

As rents are starting to rise with the drop in vacancy, Harbert said, they are seeing a deal signed "north of $100 per foot" every week in the better Plaza District buildings.

And, if you are a 500,000-foot gorilla tenant, there are only three Midtown spots open.

That's one reason developers like Boston Properties, the Related Cos. and Vornado Realty Trust are pushing prospective developments, and Silverstein Properties and the Durst Organization are touting the already-in-construction World Trade Center buildings.

As for investment properties, at Monday's National Realty Club luncheon at the Friars Club, Darcy Stacom and Bill Shanahan of CB Richard Ellis said there is "huge" demand from equity investors, primarily for Midtown properties.

"The market is defined by a lack of quality product to satisfy investor demand," said Shanahan, who recommended seeking out value trades Downtown.

...At yesterday's Real Estate Board of New York luncheon at the Hilton, Andrew Ackerman, a leasing associate with Vornado Realty Trust, was chosen as the Most Promising Commercial Salesperson of the Year.

Ackerman read a prepared speech and managed to thank everyone in the company except Chairman Steve Roth, who took note of the omission as soon as he was seated at the speakers table.

"It would have been much more career-enhancing if he had thanked me," quipped Roth to laughter from the industry crowd.

Roth, who was in rare form, said they are "trolling" for a tenant for 15 Penn Plaza.

"Thanks to an adjacent tower, we have the most famous unbuilt building in America," Roth said, alluding to the neighboring Empire State Building's owners, who had complained the new tower would destroy the city skyline.

[Obey]

I think when this is up, everyone is going to miss seeing ESB all alone and towering but at the same time we will have a new beautiful skyscraper to look at. A good thing and a bad thing.

[djlx2]

Originally Posted by Obey

I think when this is up, everyone is going to miss seeing ESB all alone and towering but at the same time we will have a new beautiful skyscraper to look at. A good thing and a bad thing.

Everybody knows that ESB should not be complaining since seeing skyscrapers towering alone are never a good things. Having this near it would make a masterpiece of the skyline.

[Obey]

Originally Posted by djlx2

Everybody knows that ESB should not be complaining since seeing skyscrapers towering alone are never a good things. Having this near it would make a masterpiece of the skyline.

Matter of opinion.

[djlx2]

Originally Posted by Obey

Matter of opinion.

You're right, I'll reword. Such is My Opinion (that towers should not be alone in skylines).

[patriotizzy]

Originally Posted by djlx2

Everybody knows that ESB should not be complaining since seeing skyscrapers towering alone are never a good things. Having this near it would make a masterpiece of the skyline.

I agree with you 100%. Although, the Empire looked great by itself, it'll look even better standing within a cluster of other tall buildings.

[CoolCzech]

Originally Posted by NYguy

I've decided that I'm good with either version of the tower being built. The single tenant tower rises from a sheer wall on 7th Avenue, while the multi-tenant version rises from the center of the base and relates more to the Empire State Building (although it could probably use a spire). My preference would have to depend on what design will be proposed for the Penn East site.














Height comparison to other Manhattan towers:

OK, why is the ESB shown as the second tallest skyscraper when 2 WTC clearly is taller than the top of its structural mast? Since when do added-on antennas count for height?

[scalziand]

^One of the options for making skyscraper comparison diagrams on this site is to list the buildings by pinnacle height, including all spires and antennae. It doesn't constitute an official height ranking. It just is what it is.

[599GTO]

wow, I didn't know 2 WTC would look that big compared to the Empire State Building.

Love it. Hope its really built to full height

[aquablue]

Yes, the ESB's thin roof section really makes it appear smaller than its height. Even 3WTC looks more imposing on the skyline that the ESB b/c of the roofline.

[Zapatan]

Originally Posted by 599GTO

wow, I didn't know 2 WTC would look that big compared to the Empire State Building.

Love it. Hope its really built to full height

It actually will look a little bigger than that since that diagram only has it's roof to 1250 while it is at least 1270. if it does end up being 1350 to the roof it would def. start to make the ESB look small

[NYguy]

BTW, I was dissapointed when they scrapped that "boxy" version of 15 Penn Plaza leaving us with two virtually the same options.

[NYguy]

http://dcrealestate.citybizlist.com/...a-Mistake.aspx

In July, we were granted ULURP approval for a Pelli Clarke Pelli designed, 2.8 million square foot, 1,215 foot office tower to be built on the site of the Hotel Pennsylvania, 33rd Street and Seventh Avenue (15 Penn Plaza).

This two-year effort was led by our David Greenbaum and by dean of the land use bar, Sandy Lindenbaum. We will not proceed with this building without a major tenant.

To enhance the financial performance of the Hotel Pennsylvania while we seek a tenant, we will renovate rooms, common areas and retail space.

In connection with our renovation and the renovation by our neighbor, Madison Square Garden, we will continue to enhance the Penn Plaza area, where we own 6.9 million square feet.

[aquablue]

Sounds like this building won't be built for years if they are renovating the hotel.

[SkyscrapersOfNewYork]

Originally Posted by NYguy

BTW, I was dissapointed when they scrapped that "boxy" version of 15 Penn Plaza leaving us with two virtually the same options.

what boxy version?

[Dac150]

There’s nothing wrong with improving the hotel if it serves as a contribution to further improving the area. If there’s no tenant right now then there’s no tenant. The proposal shouldn't compromise the integrity of the hotel. You can’t let things fall apart even if they are not permanent.

[NYguy]

Originally Posted by SkyscrapersOfNewYork

what boxy version?

Scroll up just a bit.