View Poll Results: Hotel Pennsylvania should be replaced with the proposed office building

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  • Yes

    76 44.97%
  • No

    93 55.03%
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Thread: Hotel Pennsylvania - by McKim Mead & White - to be replaced by 15 Penn Plaza

  1. #1951
    Crabby airline hostess - stache's Avatar
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    I don't see the quality of retail going up a great deal for Herald Square. Nice stores would have to bleed back downtown on Fifth Ave., then infiltrate 34th. St. The area is not 'downtown' enough to attract the level of luxury currently in SoHo, Village etc.

  2. #1952

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    Quote Originally Posted by BBMW View Post
    I have to think there was a plan in place here, and this move is part of this. What it is, we don't know yet, but we'll find out.
    Quote Originally Posted by RoldanTTLB View Post
    But would 15PP be more profitable than the hotel and 1,500 foot tall residential tower looking over Herald Square?
    I think the plan is simple. The original project probably had an anchor tenant waiting to move in, but they went and sold themselves to BoA. A new tower in the relatively short-term would have increased competition from Hudson Yards, Brookfield, and an upzoned Midtown. The rezoning changed the FAR from C6-4.5 to C6-6, so the assessed value of the property is higher, and Vornado is paying more for more unused air-rights.

    I don't know how specific to the site the zoning change was, so they may not be able to just relocate the tower east without another land-use review; but unused air-rights exist over Manhattan Mall, and Vornado can transfer the unused portion from the hotel as-of-right.

    It was stated that a partner might be brought in to manage the hotel. This makes sense if Vornado's intention is to eventually sell the hotel. Moving the air-rights would lower the selling price and make the property more attractive for a hotel developer, as would renovating the building.

  3. #1953
    Fearless Photog RoldanTTLB's Avatar
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    Quote Originally Posted by stache View Post
    I don't see the quality of retail going up a great deal for Herald Square. Nice stores would have to bleed back downtown on Fifth Ave., then infiltrate 34th. St. The area is not 'downtown' enough to attract the level of luxury currently in SoHo, Village etc.
    I mean, it depends. Are we talking the kinds of boutiques that exist in SoHo? I doubt it, but with the recent renovations and upgrades to the Gap and VS that are in herald square, and the addition of that massive uniqlo, it's not far off as a large commercial district. It would only take a few more giant flagship stores (and there's a Zara, Forever 21, BR, and Aeropostale already here), and the whole thing is made. I think there's a large pool of mainstream premium brands to choose from without flipping to boutique.

  4. #1954
    Crabby airline hostess - stache's Avatar
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    I agree, but in that respect, Herald Square has always been a major shopping district.

  5. #1955

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    They're going to have to do some major reconfiguring of rooms / knocking down walls if they're serious about renovating. Many of the rooms in the "fingers" are so small that they can just fit a single double with two feet of walking room.

    It would be nice if they would bring back the two-story lobby

  6. #1956

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    Oh Lord I hope there are other rooms to that suite! It looks like an old LES subdivided tenement.

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