Proposal would replace Hotel Pennsylvania with 2.1 million sq.ft. tower and reopen Gimbels underground passageway. On July 14, 2010, the City Planning Commission approved Vornado Realty Trust’s proposal to build a large commercial tower, known as 15 Penn Plaza, on Seventh Avenue between West 32nd and 33rd Streets in Manhattan. The site is occupied by the Hotel Pennsylvania, which Vornado would demolish in order to build its tower. Vornado proposed either a 67-story, single-tenant building option or a 68-story, multi-tenant development.

The single-tenant option would feature a 218-foot tall podium with a tapered tower reaching 1,190 feet. This building would be designed to accommodate the needs of a financial institution, including an open central space for unobstructed trading floors. It would also include 10,000 sq.ft. of ground floor retail space and a 100-space underground garage. The multi-tenant option would feature a 134-foot base, and a tapered, setback tower that would reach 1,216 feet. This option would provide 34,000 sq.ft. of ground floor retail space and additional retail space in the upper floors of its six-story base. (read more…)

Proposal includes options for single- and multi-tenant building on site currently occupied by the Hotel Pennsylvania. On February 8, 2010, the City Planning Commission certified Vornado Realty Trust’s application to build a 2.05 million sq.ft. office tower at 15 Penn Plaza in Manhattan. The site is across the street from Madison Square Garden and Penn Station, and is currently occupied by the Vornado- controlled 1,700-room Hotel Pennsylvania. Vornado would demolish the hotel to build the tower, and it intends to construct an as-of-right building if it does not obtain approval for the proposed project. In order to increase development flexibility and ensure that it can begin construction as soon as possible, Vornado’s application included two different building plans. It originally proposed two building scenarios that would have provided 2.84 and 2.65 million sq.ft. of floor area respectively. 6 CityLand 7 (Feb. 15, 2009). The reduced certified proposal, however, showed two buildings that would each total 2.05 million sq.ft. of floor area. According to Vornado, the designs cannot be blended, and it intends to build one or the other of the proposed options.

A single-tenant, 67-story building option would feature a ten-story, 218-foot tall base with a tapered tower rising to 1,190 feet and no setback along the Seventh Avenue frontage. The tower proposal would provide 2.04 million sq.ft. of office space and 12,000 sq.ft. of retail space on the ground floor. (read more…)

Vornado exploring new development options for current site of Hotel Pennsylvania. On January 27, 2009, the Department of City Planning held a public hearing on the draft scope of an environmental impact statement for the proposed developments at 15 Penn Plaza in Manhattan. Bounded by Seventh Avenue to the west, West 33rd Street to the north, and West 32nd Street to the south, the Vornado Realty Trust-controlled property currently houses the 1700-room Hotel Pennsylvania.

In order to respond to changing market conditions, Vornado put forth two different development scenarios, both of which require discretionary approvals from the City Planning Commission, including zoning map amendments, text amendments, and various special permits.

The first scenario comprises a 2.84 million sq.ft. single tenant office tower that reserves 1.52 million sq.ft. for office space and another five floors for trading operations. The second scenario scales back the gross square footage of the building to 2.65 million, and allows for 1.85 million sq.ft. of office space and 380,447 sq.ft. of retail space. 228,114 sq.ft. of the retail space could alternatively be used for trading uses. In addition to providing the City with Class A office space, Vornado would seek to improve local mass transit conditions, as both scenarios contemplate re-opening and renovating the pedestrian passageway under the south side of West 33rd Street. (read more…)