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  #1161  
Old Posted Sep 17, 2016, 1:49 PM
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This guy can't make up his mind. Sure the other Hudson Yards towers got the jump, but that's only because Vornado chose to keep the hotel open. They were the first to actually get a tenant before the financial crisis hit, so it's not like this tower couldn't be built.

Anyway, we'll move this back to canceled status unless or until someone changes moods again and decides to build.
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  #1162  
Old Posted May 10, 2017, 11:51 AM
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Smile NEW YORK | 15 Penn Plaza (Hotel Penn) | 1,216 FT | 66 FLOORS

Some news regarding this project. Back from the dead?

The thread for this is in the canceled/visionary.

=====================

Finance firm in talks over Vornado’s jumbo skyscraper



Quote:
It’s déjà vu all over again. Financial firms are in talks with Vornado Realty Trust for its proposed 3-million-square-foot jumbo skyscraper known as 15 Penn Plaza, which would replace the dowager Hotel Pennsylvania on Seventh Avenue.

“Morgan Stanley is looking very hard at [15] Penn Plaza,” our Midtown spy reported.

According to another scout, Vornado is presenting new building designs and not just the original 1,216-foot- tall Pelli Clarke Pelli design that passed New York City muster a decade ago.

“Steve Roth understands space and architecture better than most developers and, if he was going to restart the project, any tenant that size would be part and party to that design,” explained another source, referring to Vornado’s chief executive.

“It’s not just the look and feel of it, but does someone want AC under the floor and not on top? Whoever the tenant is will have ideas of their own. It’s a big, beautiful building with large floor plates in the base that would be great for collaboration,” the source said.

After a question from an analyst on Vornado’s May 2 conference call, Roth said, “There is stuff going on with the Hotel Pennsylvania and stuff going on with 2 Penn.”
===========================
http://nypost.com/2017/05/09/finance...bo-skyscraper/
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  #1163  
Old Posted May 10, 2017, 12:36 PM
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Was only a matter of time given the location. Nice to hear though.
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  #1164  
Old Posted May 10, 2017, 12:42 PM
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Awesome news! And here I thought 15 Penn was dead ...
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  #1165  
Old Posted May 10, 2017, 1:12 PM
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The design has held up.
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  #1166  
Old Posted May 10, 2017, 1:32 PM
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I'm curious what they are pushing for the $/sq-ft. Compared to lets say Silversteins 2 WTC. Might be a good opportunity to steal some tenants.

With the probability of a redesign based on the info "new building designs"... whatever that means, I wonder if they will downsize it to make it feasible or even change the functionality to begin with (office vs office/hotel or mixed-use).
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  #1167  
Old Posted May 10, 2017, 1:57 PM
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Deutsche Bank as well. So with Morgan + Deutsche, sounds promising.
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  #1168  
Old Posted May 10, 2017, 1:58 PM
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Glad to see this back.
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  #1169  
Old Posted May 10, 2017, 2:35 PM
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A badly needed development...the entire area demands wholesale leveling of existing structures with towers like 15 PP replacing them.

And that design has held up surprisingly well.
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  #1170  
Old Posted May 10, 2017, 2:37 PM
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“There is stuff going on with the Hotel Pennsylvania and stuff going on with 2 Penn.”

Hopefully, it involves demo charges.
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  #1171  
Old Posted May 10, 2017, 3:22 PM
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Great news!
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  #1172  
Old Posted May 10, 2017, 3:47 PM
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This only makes sense. Evertime there's a problem at Penn Station (seems like almost every day now) I'm reminded that we COULD have had the reopened passageway to the PATH terminal on 6th Ave. This needs to be built for the transit improvements alone. It's the "One Vanderbilt" of Penn Station. But we'll see how this goes. We've done this dance before with Vornado.



https://therealdeal.com/2017/05/10/m...5-penn-report/

Morgan Stanley, Deutsche Bank eyeing Vornado’s 15 Penn: report
REIT could build 1,216-foot tower on Hotel Pennsylvania site




May 10, 2017


Quote:
Financial heavyweights Morgan Stanley and Deutsche Bank are considering a move to Vornado Realty Trust’s planned office development 15 Penn Plaza.

Vornado won city approval for a 1,216-foot-tall office building to replace the Hotel Pennsylvania in 2007 and was close to signing Merrill Lynch as a tenant, but the financial crisis pushed the deal off the table. Now the real estate investment trust is looking to revive the project and commissioned new designs, the New York Post reported.

The hotel sits across the street from 2 Penn Plaza, which Vornado plans to redevelop and outfit with a new glass facade.

Deutsche Bank is currently headquartered at 60 Wall Street, where Singapore’s sovereign wealth fund GIC bought a 95 percent stake in January. Its lease at 60 Wall expires in 2022, but includes renewal options.

If Vornado moves forward with the project, it would likely face stiff competition from the nearby Hudson Yards and Manhattan West megaprojects as well as SL Green Realty’s tower at One Vanderbilt.

It will compete with Manhattan West, the Spiral. Related's towers are pretty much spoken for. Theres a large chunk of space at 50 Hudson, but the signature (lower) floors are already spoken for. A large signature tenant would want that. One Vanderbilt is in the market for smaller tenants.
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  #1173  
Old Posted May 10, 2017, 10:59 PM
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The general area around MSG is prime for development. 15 Penn will help complement the basket of development nearby. HY, MW Complex, and every other proxy tower nearby. Whats needed like now is a Penn Station overhaul. Crowding is ridiculous, and this development, once finished and anchored, will surely, along with HY, provide 1000's of more commuters to burden the station. City needs to think big, and soon!

Competition is serious though. Although I'd rather see tenants flock to this tower than 2 WTC. Got the Spiral (Ingel) as a potential tower as well. Ironically, 2WTC by Ingels as well.

Where is JP Morgan when you need them.

But overall a good day of promising news. 15 Penn, 80 South. Happy Wednesday to all.
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  #1174  
Old Posted May 10, 2017, 11:38 PM
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Not to sound like a broken record, but yes, absolutely no surprise here. The location commands development of this caliber. Hopefully one of these two firms will commit … and perhaps the other will turn to a development in the neighboring area.
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  #1175  
Old Posted May 11, 2017, 3:42 AM
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Quote:
Originally Posted by hunser View Post
Awesome news! And here I thought 15 Penn was dead ...
Wow I also thought this was dead. Slowly the ESB is becoming part of a group of supertalls rather than the lone supertall.
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  #1176  
Old Posted May 11, 2017, 12:49 PM
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Quote:
Originally Posted by Design-mind View Post
Wow I also thought this was dead. Slowly the ESB is becoming part of a group of supertalls rather than the lone supertall.
No development site in NYC is ever really dead. Land values are so high, that if something isn't built, it just goes into holding pattern until the next opportunity.
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  #1177  
Old Posted May 11, 2017, 3:38 PM
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Quote:
Originally Posted by Crawford View Post
No development site in NYC is ever really dead. Land values are so high, that if something isn't built, it just goes into holding pattern until the next opportunity.
Yeah, and this one in particular was never really dead. Vornado has a lot of property in the area, and has been playing the long game. We still have yet to see if this will move forward at this point, but no way they are going to let those very valuable development rights in this prime location go unused forever, especially with this unusually large footprint at the doorstep to Penn Station.

I would like to see what other alternative designs are floating around out there.
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  #1178  
Old Posted May 11, 2017, 6:32 PM
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Quote:
Originally Posted by Crawford View Post
No development site in NYC is ever really dead. Land values are so high, that if something isn't built, it just goes into holding pattern until the next opportunity.
Which there is a pattern of happening, especially among the waterfront developments in Queens. Take Astoria Cove for example. Right now its in a limbo, but the land will be developed in time due. We might not hear news on a parcel for two years, but soon enough, it comes out; pertaining to some of the West Side parcels. Sutton Place Tower, at one point, a supertall, was seen as canceled but now, its back on track, although downsized.
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  #1179  
Old Posted May 12, 2017, 7:30 PM
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This needs to be restored to the proposed category in the NYC diagram.
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  #1180  
Old Posted Oct 17, 2017, 1:06 PM
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Just one of a few sites being mentioned as a possible NY proposal for Amazon...



http://www.crainsnewyork.com/article...w-york-deliver

Here's where Amazon could put HQ2 in NYC
The e-tailer has pledged $5 billion and 50,000 jobs to the city that wins its second headquarters. There is no shortage of interested bidders in the city



By Daniel Geiger
October 15, 2017


Quote:
PENN PLAZA

Vornado Realty Trust is aiming to lure Amazon to the neighborhood surrounding Penn Station, where Vornado owns millions of square feet of office space across multiple properties. Like the World Trade Center, Vornado's pitch is not the cheapest option. In the company's proposal, according to sources, Amazon could take as much as 2.5 million square feet in an office tower Vornado would build on the site of the Hotel Pennsylvania. Amazon could fulfill the rest of its requirement in other Vornado-owned buildings, including 1 and 2 Penn Plaza, which the company plans to significantly renovate, and the more than 700,000 square feet it is developing in the western annex of Moynihan Station.

One advantage for Vornado is familiarity: It is already Amazon's landlord at nearby 7 West 34th Street. But the neighborhood, despite its proximity to mass transit, is not cheap. Space there would command more than $100 per square foot to rent.

HUDSON YARDS

Another neighborhood Amazon is familiar with is Hudson Yards, where it recently leased 360,000 square feet at nearby 5 Manhattan West, a newly renovated site owned by Brookfield Properties. While that building is now virtually full, Amazon could house the rest of its campus in the towering skyscrapers rising in the immediate vicinity. Like Penn Plaza, however, rents would not be cheap, in the $90s per square foot and above.
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