Penn Hotel and this are different site, this site is on 8th and 33rd were there is a Duane Reade
Isn't this the same project as is discussed in this thread? If so, it's not on the Pennsylvania Hotel site.
NEW YORK - new 1 msf residential on 8th Ave
From the Penn Station redevelopment springs this new tower:
COMMERCIAL PROPERTY NEWS
Residential Plans, Financing Helps The Related Cos. and Vornado Land $1.5B Manhattan RR Station
July 18, 2005
By Paul Rosta
A plan that uses air rights for residential development rather than office space, along with some $300 million in financing, helped win a team of The Related Cos. and Vornado Realty Trust the contract to develop the $818-million Moynihan Station project in Midtown Manhattan, a state official told CPN today. The new station will serve as an extension to the existing Pennsylvania Station, which lies under Madison Square Garden between Seventh and Eighth avenues.
The total value of the development, including the station, plus retail, hotel and residential development, is expected to be in the $1.5-billion range, according to Charles Gargano, chairman of both the Empire State Development Corp. and the Moynihan Station Development Corp.
The Related/Vorando team was selected from a field of three finalists. Others included a joint venture of Tishman Speyer Properties and Jones Lang LaSalle Inc. and Boston Properties Inc. New York State Gov. George Pataki and Michael Bloomberg, mayor of New York City, officially announced the winning team and unveiled the design at a press conference held in front of the James A. Farley Post Office Building, which will be transformed into the new intermodal station. Also in attendance was a delighted Maura Moynihan, daughter of the late New York Senator Daniel Patrick Moynihan, for whom the project is named.
Gargano told CPN after the news conference that the other proposals included plans to build office space on part of the Moynihan Station site. Funding sources include $380 million in state money, $158 million from the city, and about $300 million from the developers. The $818-million price tag includes the $230 million cost of acquiring the building from the U.S. Postal Service, which is a quasi-governmental entity.
Today's announcement arrived a month after another giant Midtown Manhattan project, a proposed $2-billion stadium for the New York Jets, was scuttled by opposition from New York State Assembly Speaker Sheldon Silver. At the press conference, Bloomberg predicted that the Moynihan Station development will be an anchor for the neighborhoods that will emerge from the Hudson Yards district, where the proposed stadium was to have been built. The recently rezoned 60-block Hudson Yards district will include 14,000 new apartments, 20 acres of new parks, and the $1.4 billion expansion of the Jacob K. Javits Center.
Details of the Moynihan Station proposal are still forthcoming, but The Related Cos. and Vornado will build up to 1 million square feet from air rights for residential housing across Eighth Avenue from the building, 300,000 square feet of space for the train station, and 850,000 square feet that will feature retail space, a merchandise mart, restaurants, and a boutique hotel. The postal service will retain 250,000 square feet in the Farley Building.
The new station will offer 11 new boarding platforms for Long Island Rail Road, NJ Transit, and Amtrak passengers. Construction is scheduled to start next year and be completed in 2011.
Development is slated to begin later this year.
The project's centerpiece will be the transformation of the 93-year-old James A. Farley Post Office Building into a 400,000-square-foot intermodal transit facility designed by a team of James Carpenter Design Associates in collaboration with Hellmuth, Obata + Kassabaum.
Elements of their design will recall the original 1910 Pennsylvania Station, whose demolition in 1964 helped spark the historic preservation movement. Penn Station's west concourse will tie the station to the new facility located across Eighth Avenue. The state acquired the 1.4-million-square-foot Farley Building from the U.S. Postal Service for $230 million in October 2002.
Penn Hotel and this are different site, this site is on 8th and 33rd were there is a Duane Reade
Yeah but this particular one has a huge colorful mural on top of it on the wall of the building just north of it. I think it's an ad by Delta Air Lines.
Oh yeah ive noticed that mural recently on my travels, its cool, must have taken a while though
Vornado to buy Manhattan Mall for $689M
The one million-square-foot Herald Square mall houses 60 retailers.
By: David Jones
Published: November 28, 2006 - 11:50 am
Vornado Realty Trust said Tuesday that it agreed to buy the Manhattan Mall, located at Sixth Avenue and 33rd street, for $689 million.
The one million-square-foot building has 164,000 square feet of retail space and 812,000 square feet of office space, mainly occupied by Bank of America and Interpublic Group of Cos.
Manhattan Mall, built in 1910 as Gimbel's department store, has struggled to retain retail tenants over the years. Manhattan-based Argent Ventures and Lehman Bros. acquired the mixed-use facility in 1998 for $135 million, and by 2002, converted about 450,000 square feet into office space for Bank of America and Interpublic.
Numerous tenants, including Abraham & Strauss and Sterns, have anchored the 13-story mall, which houses 60 retail stores, including Aeropostale, Victoria's Secret and Brookstone.
The deal, slated to close early next year, includes 250,000 square feet of air rights, which would allow Paramus, N.J.-based Vornado to build additional floors.
Vornado also owns the nearby 1.4 million-square-foot Hotel Pennsylvania, located behind the mall on Seventh Avenue.
The company was unavailable for immediate comment.
Entire contents © 2006 Crain Communications, Inc.
This shouldnt be posted here they have nothing to do with each other
i thought the hotel penn was going to be demolished? if so something promising could emerge!
Vornado has been talking about demoing that hotel for 5 years. It took them 10 to get the Alexanders site going so dont hold your breath
I'll take your word for it, but I didn't want to start a new thread on something that's already been discussed in this thread, even if it's not the specific Vornado Tower that the thread title references. The article mentions the proximity of the two sites, and led me to believe that an air rights exchange might take place.
they own alot of stuff in penn station area and basically they could and would be th eones that could turn this area around and into a TS type area, but until they make a move on one of there proposed four projects, nothing of importance will happen
HERALD SQUARE DANCE
FRENZY OF COMMERCIAL DEALS IN RETAIL MECCA $689M SALE
Manhattan Mall. November 29, 2006 -- SEVERAL major changes are underway in Herald Square.
Two Herald Square, a building that houses retailers H&M and Victoria's Secret, is being marketed for a price expected to top $500 million.
Also known as the Marbridge Building and 1328 Broadway, the property sits on the northeast corner of W. 34th St. and has five varied uses, each with its own separate lobby.
Along with the 66,000 foot H&M and 25,900 foot lingerie purveyor, ad agency Publicis has over 111,000 feet. There's also a branch of Mercy College and a group of original shoe showroom tenants on the top floors. Plus, the 360,000 feet can be increased with 75,000 feet of air rights that could also be sold.
Aby Rosen and Michael Fuchs' of RFR Holdings are the sellers and have hired Richard Baxter of Cushman & Wakefield's capital markets team to lead the marketing effort. The other members of that team are Ron Cohen, Jon Caplan and Scott Latham.
RFR bought a half interest in the building in 2000 from a group that included Irving Schneider and had filled the building with shoe showrooms. The RFR group selling the 100 percent interest includes the Henry Goelet family. "We spent a good amount of time creating a very special asset with the quality and credit of the tenants," said Jason Brown, CEO of RFR Holdings.
Meanwhile, cater-corner to Two Herald Square at 1350 Broadway, W&H Properties is offering a three-level retail block of some 26,000 feet through Jeffrey Roseman of Newmark Knight Frank Retail.
Asking rent for the ground floor is about $425 a foot, while the second floor is being shopped at $125 a foot. The lower level is priced at $40. "If a retailer can steal 5 percent of Macy's $1 billion a year in business, that's $50 million," said Roseman. "It is very visible in the Thanksgiving Parade and will become someone's iconic flagship."
The triangular building, surrounded by Broadway, Sixth Ave. and 35th and 36th Streets, was the subject of many disagreements among its stakeholders, including Schneider, Leona Helmsley and Peter Malkin. Malkin ultimately took over management of the building under the W&H Properties banner.
Then yesterday, Vornado Realty Trust revealed that it is buying the Manhattan Mall from Argent Ventures for $689 million. That multi-use, 1 million foot building sits on the Sixth Avenue blockfront between 32nd and 33rd Streets.
Along with the 164,000 feet of retail, it has 812,000 feet of office space leased mostly to the Bank of America and The Interpublic Group.
The transaction, which will close in the first quarter of 2007, includes 250,000 feet of additional air rights. Vornado's leadership tornadoes, Steve Roth and Michael Fascitelli, have been eyeing those air rights to add to the adjacent redevelopment of its current 1.4 million foot Hotel Pennsylvania.
Sources tell us there is one office tenant already in the bag for the eventual new office tower that would rise opposite the current Madison Square Garden complex. Our best guesses for that play are the National Basketball Association, which long ago eyed a tower on Ninth Ave., and advertising agency Ogilvy & Mather, which is looking for 1 million feet of office space.
Copyright 2006NYP Holdings, Inc.
That's a lot of dough.
Nothing short of landmarking it, is gonna save it.The transaction, which will close in the first quarter of 2007, includes 250,000 feet of additional air rights. Vornado's leadership tornadoes, Steve Roth and Michael Fascitelli, have been eyeing those air rights to add to the adjacent redevelopment of its current 1.4 million foot Hotel Pennsylvania.
This Hotel is a dump and putting a 2 million sf tower here can do much good for finally turning this area into a good business district andd away from fast food heaven