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'Heavy Tug' Fails: Merrill Headed For Hotel Pennsylvania?

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The city and state's effort to keep Merrill Lynch in Lower Manhattan?described very sexily as a "heavy tug"?has failed, the Times' Charles Bagli reports. The world's largest brokerage firm has a lease in the World Financial Center (right) until 2013, and the company was considering staying there, moving to one of Larry Silverstein's new World Trade Center towers nearby or bouncing altogether for Midtown. All signs point to the latter, and here's the shocking twist: they want to build a new skyscraper on the Hotel Pennsylvania site?the poor, unloved Hotel Pennsylvania! Developers are being interviewed about the project this week. While the experts theorize on what this means to the redevelopment of Ground Zero (bad things!), let us look at what this means for Merrill Lynch employees. All the Long Island commuters in their ranks just let out a shout of joy. Seventh Avenue, here they come!
· Merrill Lynch Expected to Quit Downtown for Midtown [Curbed]
· Merrill Lynch Getting Sexy 'Heavy Tug' to Stay [Curbed]
· Preservationists Shun Unloved Hotel Pennsylvania [Curbed]