Vornado Realty Belief isn’t ready for ultimate approval of the state’s Empire Station Advanced plan, during which Vornado would play a central position, to pursue its dream for the Penn Station/Madison Sq. Backyard space.
The publicly traded large is constructing at one web site and demolishing at a web site throughout the road. Neither challenge is a part of the proposed wider-area redevelopment that might raze previous buildings for new skyscrapers to be constructed largely by Vornado and enhance much-hated Penn Station. However they replicate chairman Steve Roth’s obsession with the neighborhood that lengthy preceded former Gov. Andrew Cuomo’s Empire proposal.
Regardless of criticism of the bigger Penn district scheme that’s now backed by Gov. Kathy Hochul — a few of it mirrored in these pages — there’s no denying Vornado’s transformational funding in properties it has owned for many years.
Final week, Vornado topped off The Bustle, the dramatic new, 80,000 square-foot entry atrium to the workplace constructing often known as PENN 2 on Seventh Avenue between thirty first and thirty third streets. To open subsequent yr, it’s the street-level public face of the 1.6 million square-foot tower beforehand often known as 2 Penn Plaza.
Amongst different modifications, the as soon as gloomy construction is getting an all-new curtain wall. Though the work gained’t be completed till 2023, the tower is already unrecognizable from the 1968 unique. It boasts gleaming glass throughout and nook loggias on each ground.
The Bustle will boast a triple-height foyer with artwork suspended 50 ft within the air. It is going to present direct entry to the prepare station and in addition result in an workplace entrance for PENN 2, though the principle entrance can be by a brand new public plaza on West thirty third Avenue.
A giant chunk of the tower is leased to Madison Sq. Backyard, which lately renewed its lease for 365,000 sq. ft for 20 years.
In the meantime, on the east aspect of Seventh Avenue, demolition is rapidly reducing the Pennsylvania Hotel to a reminiscence. Roth lengthy wished to exchange the unglamorous, 800-room inn with a super-tall workplace tower — Merrill Lynch was as soon as touted because the anchor tenant — however the Nice Recession and, extra lately, the pandemic put the plan on maintain.
Amongst Vornado’s other $2 billion in upgrades to the world, PENN 1 — the sister constructing to PENN 2 — now boasts an acre of public area. Recladding of each towers made them considerably extra sustainable.
Vornado additionally lately spearheaded the $1.6 billion launch of Moynihan Prepare Corridor within the Farley Constructing. All 730,000 sq. ft of the Farley’s workplace area is leased to Fb.