Yet again, the worn out Hotel Pennsylvania is on wrecking ball alert. We know: owner Vornado Realty Trust has threatened to tear down the building and replace it with an office tower so many times that by now the statement is just an eyeball-rolling exercise. But let those eyeballs get a load of this: Vornado has entered the public review process for the proposed Pelli Clarke Pelli-designed tower, which, at 1,216 feet, would be the city's third-tallest building. If the building makes it through the process, actual demolition of the Hotel Penn (which Vornado, back in '08, called "a placeholder, sort of like a parking lot") still wouldn't happen right away. But Vornado wants to be ready should a prospective tenant wander along. The developer's also covering all of its basis: one tower design is for a single office tenant, while another version is more retail-heavy, the Observer reports. There will likely be resistance ahead from preservationists and neighbors, but hey, Vornado's offering to reopen the underground walkway between Penn Station and Herald Square. Deal?
· City's New Third-Tallest Tower? [NYO]
· Hotel Pennsylvania coverage [Curbed]