Vornado Realty Trust’s plans to transform 2 Penn Plaza with a Bjarke Ingels Group (BIG) design may be off the table. Instead the developer might demolish the existing structure to build something twice as large, The Real Deal reports.
The news came out of an annual letter Roth sent to his investors. That same letter also outlines larger ambitions for the Penn Plaza area that’s owned by Vornado, according to TRD. Other highlights of this letter include plans to either transform Hotel Pennsylvania or rebuild it entirely.
The firm has also committed $200 million toward upgrading One Penn Plaza in order to up the rent by up to $20 more per square foot.
Though much of this is still in the planning stages, the demolition of 2 Penn Plaza would open up a host of air rights that can be transferred from Madison Square Garden into the surrounding properties, which would allow Vornado to move forward with its ambitious plans.
The demolition would also provide more light to Penn Station, and benefit the station’s revamp as well—something Governor Andrew Cuomo might appreciate, as he recently unveiled a proposal to establish state control in the area around Penn Station to allow for more development, and a quicker transformation of the existing Penn Station.
There’s no word yet if BIG would be brought on to design a new 2 Penn Plaza; the firm had unveiled a fantastical redesign for the building in 2016, that would transform the base of the building.