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. #1156


    Quote Originally Posted by Shadly View Post
    It's going to be interesting if developers ask for a bailout. That would make for interesting political theater. I can see it now:

    "You want us to fork over 80 billion, and you just turned a functioning hotel into a hole in the ground, and you want money to develop it?"

    That would be a good moment.
    A perfect illustration of the broken window fallacy and the Keynesian response. Surely this benefits the economy due to the demolition and construction jobs created....

    Bravo, Shadly!

  2. #1157
    Banned Member
    Join Date
    Dec 2002
    Park Slope, Brooklyn, NY


    I don't think Vornado is going to be asking for a handout. On the flip side, Ratner / Forest City has been asking for handouts for ever development and in that case a lot of people see it as fair exchange for development of certain properties.

  3. #1158
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    in Limbo


    Quote Originally Posted by spatulashack View Post
    This is a little off topic but speaking of Vornado and Times Square does anyone know what is replacing the Virgin Megastore? It's leaving in January.
    Here's the answer to your question:

    Virgin Megastore in Times Square to Be Replaced by Forever 21

    The 60,000-square-foot Virgin Megastore in Times Square is scheduled to close in early April.

    Published: January 14, 2009

    The retailing of recorded music will take another step toward extinction in early April, when the Virgin Megastore in Times Square closes to make room for Forever 21, a popular chain that sells moderately priced clothing.

    The closing, which was announced to the store’s 200 employees this week, will leave the Virgin store on Union Square as the last Manhattan outpost of a large music chain. The future of that store has not been decided, Simon Wright, the chief executive of Virgin Entertainment Group, said on Wednesday.

    Stores that sell prerecorded CDs and DVDs have been done in by the popularity of digitized music that can be downloaded from the Internet onto iPods and MP3 players. But Mr. Wright said that the Times Square store, which has about 60,000 square feet of selling space, is not simply a victim of technological progress.

    It has remained “very, very profitable” by shifting its merchandise toward apparel and electronics, including iPods, he said, adding that those two categories accounted for about 25 percent of sales during the holiday shopping season.

    “Stores that rely completely on recorded music have a difficult future,” he said, “but we’ve been changing our business quite dramatically.”

    But the chain’s owners, two big New York-based real estate development companies, saw greater potential in leasing the prime space to Forever 21.
    The Virgin chain, once part of Sir Richard Branson’s business empire, has been owned since 2007 by the Related Companies and Vornado Realty Trust. It comprised 11 stores when it was acquired, but now will be down to just five, two of them in California. Virgin closed other stores late last year.

    The Times Square space, on the east side of Broadway near 46th Street, will be closed for at least a year before it reopens as Forever 21’s largest location. It will be combined with some adjoining space to create a 90,000-square-foot store that will be triple the size of any of Forever 21’s three current stores in Manhattan, said Lawrence Meyer, a senior vice president of Forever 21. Forever 21 is a Los Angeles-based chain that sells trendy clothing for young women and men. It competes with other moderately priced retailers like H & M and Gap stores.

    “This is a bigger format,” Mr. Meyer said. “It’s going to be a fashion department store. It’s going to offer a deeper assortment of women’s apparel and men’s apparel.”

    Mr. Meyer said the recession had not diluted his company’s enthusiasm for making a big splash in an expensive area like Times Square. He declined to specify the rent Forever 21 will pay.

    “We have been doing O.K. in this environment because we have always given great value to our customers,” Mr. Meyer said. “Our stores are exciting and we want to create an exciting environment in Times Square.”

    Copyright 2009 The New York Times Company

  4. #1159
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    in Limbo


    In my opinion, the above is not good news for Times Square. TS, particularly when you are talking about the heart of the area there, should be for entertainment or entertainment-related retailers, not clothing stores.

    It then becomes another shopping mall/district.

  5. #1160


    Vornado seems to have a LOT of property in the Fashion District.

    I could be off by a block or two, but aren't they headquartered on 34th just East of 7th?

  6. #1161
    Kings County Loyal BrooklynLove's Avatar
    Join Date
    Aug 2007
    Brooklyn, planet Earth


    This begs the question that as of yesterday is now upon us - who is going to take the Circuit City space at Union Square, 5th Ave, ...?

  7. #1162


    Virgin was a public space, a place you could hang out, and therefore perfect for Times Square.

  8. #1163
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    All those screaming teen-aged girls who spend hours below the MTV windows across Broadway will now have a place to buy their cheap trendy clothes. Except I'd guess, with the economy in the crapper, that their parents will be cutting allowances and the money spent on shopping will decrease.

    Clothing retail in Times Square is nothing new or different ... BOND"S department store used to be the Square's major tenant (now home to Toys'R'whatever).

  9. #1164


    Yes, but at least Bond's had nude statues that blew smoke rings.

  10. #1165


    They used to blow more than that if you asked them right.

  11. #1166


    Quote Originally Posted by Fabrizio View Post
    Yes, but at least Bond's had nude statues that blew smoke rings.
    Bond's had the waterfall--Camel had the smoke rings...

  12. #1167

  13. #1168
    Senior Member
    Join Date
    Feb 2004
    Far West Village, NYC


    ^ A streetwall and view that has endured for over 80 years and should continue to do so. LPC, where are you!

  14. #1169


    ^ Yep, that's a keeper. A little relentless perhaps, but awe-inspiring.

  15. #1170


    I agree. It would be nice if Vornado restored the lobby and other details to their original form.

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