Architecture, Midtown West

Finance firms in talks to move to Vornado’s proposed Hotel Pennsylvania-replacing supertall

A rendering of the Pelli Clarke Pelli design for 15 Penn Plaza, courtesy of Vornado

Plans to replace the century-old Hotel Pennsylvania with a 1,216-foot office building have surfaced again. Financial firms Morgan Stanley and Deutsche Bank are reportedly contemplating a move to Vornado Realty Trust’s planned supertall skyscraper, 15 Penn Plaza, according to the Post. Vornado first won the city’s approval in 2007 to build a supertall at the location of Hotel Pennsylvania on Seventh Avenue and nearly signed a deal with Merrill Lynch to be a tenant until the financial crisis dissolved the agreement. This design, by Pelli Clarke Pelli, is being presented to the firms along with new options says a source.

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Midtown East, real estate trends

Off the avenue: Is Park Avenue losing its edge in the office market?

view of metlife building from the south on park avenue

Park Avenue has for decades been the office district of choice for many of the city’s high-profile–and high-rent–corporations. But a recent Crain’s article points to impending departures–such as the decision of investment firm Black Rock to decamp for new space in Hudson Yards or the World Trade Center, raising the question of whether the avenue’s biggest office zone, from East 45th to East 59th streets, is falling out of favor with big-ticket business tenants.

The city’s office market is, without a doubt, changing. Industries like tech are growing and the financial industry is consolidating and in some cases downsizing its office space. The neighborhood, which charges the city’s highest average rents, has been slow to catch up with the needs of new office tenants.

People moving out, people moving in

Midtown West, Policy, Transportation, Urban Design

Transit Think Tank Says MSG Move Could Be a $5B Example of ‘Architects Run Wild’

Rendering for a proposed new MSG by Kohn Pedersen Fox Associates

Moving MSG to make room for a bigger, better Penn Station train hub would be really expensive and probably not a good idea, according to a new report by transit think tank Rudin Center for Transportation Policy. Commercial Observer reports that the just-released study outlines the concern that moving the arena would come with a price tag of over $5 billion, take, like, forever, and would generally “become an urban planner’s worst nightmare.” The study refers to the proposed overhaul of Pennsylvania Station and the idea of extending it to the post office off Eighth Avenue as well as suggestions by urban planners for relocating MSG.

So what’s going to cost so much?

Featured Story

Carter Uncut, Construction Update, Features, hudson yards, Major Developments, Midtown West, Starchitecture, Urban Design

Skyline Wars: What’s Rising in Hudson Yards, the Nation’s Largest Construction Site

Carter Uncut brings New York City’s breaking development news under the critical eye of resident architecture critic Carter B. Horsley. This week Carter brings us the third installment of “Skyline Wars,” a series that examines the explosive and unprecedented supertall phenomenon that is transforming the city’s silhouette. In this post Carter zooms in on Hudson Yards.

The Hudson Yards neighborhood in Far Midtown West is one of the country’s most active construction areas. Construction cranes dot its emerging skyline and dozens more are promised now with the district’s improved connection to the rest of the city. Last fall, the 7-line subway station at Eleventh Avenue and 34th Street opened with one-stop access to Times Square. The newly-minted station features a lengthy diagonal escalator bringing commuters to the front-door of the huge mixed-use project being created over the rail yards west of Tenth Avenue between 30th and 33rd streets. Originally, a second station was contemplated on 41st Street and Tenth Avenue but transit officials claimed it could not afford the $500 million expenditure, despite the enormous amount of new residential construction occurring along the far West 42nd Street corridor.

Nevertheless, the finished Hudson Yards station deposits straphangers into a new diagonal boulevard and park between 10th and 11th Avenues that will ultimately stretch from the Related Companies / Oxford Property Group’s Hudson Yards master plan northward to 42nd Street.