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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
Vishaan Chakrabarti’s Practice for Architecture and Urbanism (PAU) has been selected to lead the design of the new $12 million Niagara Falls Heritage Gateways project, the studio unveiled via a press announcement on Thursday. The project’s brief calls for the creation of four gateway... 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
The Madison Square Park Conservancy has announced former HUD and Empire State Development Corporation leader Holly Leicht as its next Executive Director. Leicht comes to the position with over 25 years of experience in urban planning and open space initiatives. She steps into office on... View full entry
New York State officials on Thursday approved a sweeping redevelopment of Midtown Manhattan that would transform Pennsylvania Station, the busiest transportation hub in North America, from a run-down transit center into a city centerpiece. The eight-member board of Empire State Development, the state’s economic development agency and the group steering the project, unanimously voted in favor. — The New York Times
The Penn Station Redevelopment Plan is set to be one of the largest real estate projects in U.S. history. The project, spanning approximately 18 million square feet, includes the construction of 10 skyscrapers surrounding the station that will host office and retail space, 1,800 housing units, and... View full entry
