Preservationists, rejoice: Vorando's Hotel Penn killer, 15 Penn Plaza, is no more. Because of the weak economy, the developer abandoned the plan to tear down the 100-year-old hotel and build a 67-story glassy office tower in its place. Instead, Vornado will "invest in it aggressively and try to make it into a really profitable, really good hotel." [Crain's; previously]
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