Once agin, 15PP has reared its ugly head. This time in the form of Morgan Stanley, and Deutsche Bank. Multiple papers are reporting that the two financial giants are in talks with Vornado to move to the site of the Hotel Pennsylvania. As you know back in 2007 Merrill Lynch was close to signing with Vornado, before the stock market crash. No further details are known about the possible deal yet, we are investigating, and will of course let everyone know via our Facebook, Twitter, and websites.
An old copy of Architectural Digest that featured the Hotel back in the day. Notice the detail they went into about the hotel.
Not much news in the way of the Hotel Penn’s fate. As you know, from the “Moving Madison Square Garden” meeting we posted, Vornado has a lot in store for that area. Seems right now they are focusing more on the “Moynahan Station” project, which is scheduled to be completed in 2020 then anything else. Below is the link to the transcripts.
DATE AND TIME
Thu, January 19, 2017
7:00 PM – 9:00 PM EST
SAG-AFTRA Foundation – Robin Williams Center
247 West 54th Street
New York, NY 10019
An extraordinary evening with three distinguished architectural and planning experts:
- Vishaan Chakrabarti – Founder of the Practice for Architecture and Urbanism
- Michael Kimmelman – Architecture critic of The New York Times
- Tom Wright – President of the Regional Plan Association
They will lay out their vision for the future of the West Midtown Transit Corridor, the largest transportation hub in the United States, which includes Penn Station, Moynihan Station, Amtrak’s Gateway project and the Port Authority Bus Terminal.
Join us for a lively discussion about the future of regional transit, why Madison Square Garden needs to be moved, how it can happen, and what a new, world-class Penn Station would mean for New York.
[Image Credit: Practice for Architecture and Urbanism]
Castro waves to crowds on his way to Pennsylvania Station from the Statler Hilton Hotel in New York City, en route to Boston.
IMAGE: CARL T. GOSSETT JR/NEW YORK TIMES CO./GETTY IMAGES Fidel Castro outside the Statler hotel in New York. Photograph: New York Daily News/Getty Images Castro waves to crowds outside the Statler Hotel.
IMAGE: JOHN DUPREY/NY DAILY NEWS VIA GETTY IMAGES
In todays 3rd Quarter earnings conference call Steve Roth still referred to the grand ‘ol lady as a “parking lot”
“A word about the hotel business in New York. While both domestic and international tourism remains strong, the hotel industry is in a down cycle, the victim of gross oversupply. The results of our Hotel Pennsylvania have been weak. We continue to look at this hotel as a parking lot for future development as part of our overall Penn Plaza strategy.”
Still no decision on if they want it to be a residential or an office tower.
The transcript can be found here