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A dramatic new makeover of Penn Station’s entrance at 7th Avenue and 32nd Street in Manhattan has been completed by Foster + Partners and AECOM for clients Amtrak and the Vornado Realty Trust. The rebuilding project expands the entrance’s width by 50 percent while making it... View full entry
New York officials are calling on design firms, engineers and architects to draw up a plan for a new Penn Station design that keeps both commuters and the community in mind. [...]
In a dramatic about-face, the governor announced plans to redevelop Penn Station without touching the neighborhood surrounding it. With soaring glass ceilings and a broad marble concourse not unlike the Moynihan Train Hall directly adjacent to it.
— ABC 7
The scrapped 10-tower office component of the $7 billion plan was ultimately done in by the consequences of post-pandemic economics that have profoundly affected the commercial real estate market in Midtown and other parts of Manhattan. Gone also are the 1,800 housing units included in... View full entry
The race to author an alternative solution to the recently-halted redevelopment of Penn Station may now have a top contender after the Italian firm ASTM Group released its plans for a proposal that would radically alter New York City’s iconic Madison Square Garden. Last week, the New York Times... View full entry
Vornado Realty Trust, the developer hoping to remake the skyline around Pennsylvania Station with a bundle of new office towers, has put the brakes on the massive redevelopment plan for now as interest rates remain high and the real estate market struggles to recover from the pandemic.
Plans for the Penn site, a roughly 18 million-square-foot project that could include 10 new skyscrapers of mostly office space around the transit hub, could be delayed for at least two to three years.
— The New York Times
Despite her recent mum on the status of the $7 billion project, the Empire State Development agency said it remains confident in New York Governor Kathy Hochul’s commitment. Vornado, which owns half of the sites included in the scheme and in January was delisted from the S&P 500, reportedly... View full entry
Ken Griffin’s empire will occupy more than half of the office space at a new Manhattan skyscraper at 350 Park Ave., which is expected to be completed in 2032. [...]
Citadel confirmed plans to construct a tower at 350 Park Ave., a 1.7 million-square-foot (158,000 square-meter) building that would replace three properties in that area. The firm has been working with developers Vornado Realty Trust and Rudin Management Co.
— Bloomberg
Citadel's fund is managed by billionaire philanthropist Kenneth Griffin, whose 2018 donation to West Palm Beach, Florida's Norton Museum of Art earned him a special named wing also designed by Foster + Partners' New York office. If approved, the new 1,350-foot supertall 350 Park Avenue tower... View full entry
The congested, chaotic section of Manhattan near Pennsylvania Station is undeniably drab. Does that make it blighted?
New York State has decreed that it is, and Gov. Kathy Hochul has recently likened the Penn Station area to “a Skid Row neighborhood.” She was defending the controversial plan to allow developers to build 10 towers around the decrepit train station — the busiest transit hub in the nation — in exchange for some of the $7 billion the state needs to renovate it.
— The New York Times
The same tactic was used in the urban cores of major American cities such as Los Angeles to break apart mostly residential areas and redevelop them into high-rise-laden commercial districts, a practice which may now be boomeranging in the post-pandemic economy. New York is claiming “economic... View full entry
Manhattan’s latest crop of new luxury developments continues to attract a steady stream of buyers.
At the ultra-pricey 220 Central Park South in Midtown, the grand limestone skyscraper designed by Robert A.M. Stern Architects, four more units officially sold, including New York City’s most expensive closing in May: a three-bedroom aerie for nearly $26.5 million.
— The New York Times
The NYT's Vivian Marino provides an update on the biggest recent luxury real estate transactions in New York City with notably pricey purchases at Robert A.M. Stern's 220 Central Park South and 250 West 81st Street towers and also at the newly opened Hudson Yards mammoth development. "Philip... View full entry
Hedge funder Ken Griffin has closed on a massive penthouse at 220 Central Park South, paying a record-shattering $238 million, according to sources familiar with the deal.
The Citadel founder has long been rumored as the buyer of the condominium’s most lavish spread — a 23,000-square-foot quadplex encompassing the 50th through 53rd floors of the limestone tower, developed by Vornado Realty Trust and designed by Robert A.M. Stern. The asking price was $250 million.
— The Real Deal
After Ken Griffin dropped a sweet quarter billion on his new NYC digs, he didn't appear entirely penniless and recently secured a few other neat places to crash when traveling to London, Chicago, or Miami. "Earlier this week, he reportedly scooped up a house in London for around $122 million,"... View full entry
It has been whispered about for months, but now it’s official: Vornado Realty Trust is offering up a palatial four-floor apartment at 220 Central Park South that is priced at a record-smashing $250 million.
The massive condominium will encompass floors 50 through 53 of the Robert A.M. Stern-designed limestone tower, and it will span some 23,000 square feet [...]. The asking price works out to nearly $11,000 per square foot.
— therealdeal.com
Previously on Archinect: This $250M mega penthouse might become New York's priciest home View full entry
Vornado's super luxury tower at 220 Central Park South isn't even out of the ground yet, but billionaire buyers seemingly can't wait to stash their stacks of cash in the 950-foot-tall tower. The Real Deal hears rumblings that a Qatari investor is eyeing a monstrous spread that would cost around $250 million, making it easily the most expensive home in New York City. It would completely obliterate the current record, the $100 million sale at One57. — ny.curbed.com
Robert A.M. Stern's NYC condo towers have a habit of attracting record bids (previously: NYC’s Most Expensive Condo to Be Listed at $130 Million). View full entry
Vornado and WeWork announced last May that Crystal City would be one of the first places in the nation for WeWork's residential brand, WeLive. Now Vornado has approached Arlington County about changing its plans for 2221 S. Clark St. to set aside two floors of space for a new WeWork center, bringing both concepts under one roof. [...]
WeLive is a newer concept geared toward the same audience and including smaller, efficiency units with similar common spaces for residents to share.
— bizjournals.com
Check out our interview with Miguel McKelvey, former architect and co-founder of WeWork, for some background on the co-working giant. View full entry
The building’s exterior was made a landmark in 1997. The interior, which had come to public attention after a signature metal screen by the sculptor Harry Bertoia was removed, was not given landmark status until February. Two months after the interior landmark designation, the commission granted the new owner, Vornado, permission to make changes to the building. — NYT
Designed by Gordon Bunshaft of Skidmore, Owings & Merrill the former Manufacturers, the former Hanover Trust building located at the corner of Fifth Avenue and 43rd Street, is considered a Modernist landmark. Robin Pogrebin examines the ongoing court battle between preservationists and... View full entry
