A less crap-tastic Penn Station is still years (decades?) away, but the neighborhood around the train station could become less miserable in the next few years. Vornado, a developer who controls nine million square feet in the area, wants to give the neighborhood "a little TLC," according to its chief Steven Roth. The Journal reports that Vornado plans to invest "hundreds of millions of dollars" to improve infrastructure, build new public plazas, and create new retail, all with the aim of making the surrounding offices buildings more attractive. In other words, Vornado is looking to haul in some cash by improving the value of its properties, which are currently estimated to be worth about $5.5 billion.
At a conference last month, according to the Journal, Roth said he wants to see "very, very substantial rising rents in Penn Plaza—very substantial, enormous," and that he plans to do this by investing in the area. "That's going to be the principal focus of Vornado in the next short period of time, [the] next couple of years."
It sounds like Roth means business, but the Journal points out that this is the same developer who has been promising a revamp of the historic Hotel Pennsylvania (or planning to demolish it and replace it with a tower) for a decade. So maybe this is still a pipe dream, too.
· Vornado Could Give New York's Penn Station Area New Lease on Life [WSJ]
· Vornado's Hotel Penn-Killing 68-Story Tower Lives, Kind Of [Curbed]
· Vornado coverage [Curbed]
· Penn Station coverage [Curbed]