Vornado Boss: Hotel Pennsylvania Doing 'Damn Well' As Is
After months of talk about demolishing the historic Hotel Pennsylvania to make way for a soaring office tower, landlord Vornado Realty Trust has acknowledged that it might just hang on to the McKim, Mead & White-designed, Dave Barry-panned, so-called "World's Most Popular Hotel," after all.
"First off, it is doing damn well as a hotel," Vornado CEO Steven Roth said Tuesday during a conference call with investors.
Indeed, the 1,700-room lodge that Vornado previously described as "a placeholder, sort of like a parking lot," brought in nearly $38 million in 2007, as The Observer earlier reported. (That's $10.5 million more than in 2006.)
Imagine how much the run-down hotel might make after a significant renovation, which Vornado is now apparently considering.
“We have two basic grand strategies with this grand asset," Mr. Roth said. "One is, leave it as a hotel, renovate it as a hotel, increase the income coming out of the hotel, and you introduce a very substantial amount of retail in the base of that building—probably three floors worth, and connect it into the Manhattan Mall, so we have an extraordinarily interesting asset."
Of course, the "other opportunity," as Mr. Roth put it, would have Vornado stick to its guns, raze the building and build a huge tower -- "if we can land a major tenant," he added. (Above is a new rendering of what that tower would look like.)
Vornado was reportedly wooing Merrill Lynch to the site, but the financial giant ultimately decided to stick around the Financial District.
He needs to make up his mind, does he want to knock it down or renovate it? You can't do both.
Keep in mind that if it is the former, We will fight tooth and nail to see that it does not happen. If we were a pain in his side before, try it again and see what happens this time around.
Gregory Jones, he can (and eventually will) demolish and rebuild as-of-right.
I doubt you were much of a pain to anyone before, and if you personally choose to spend your time protesting what is allowed as-of-right, I doubt anyone will mind.
Just how much more of our history can we afford to lose so that these greedy developers can fill their pockets? . If there is ANY New York Building worth saving , it's The Hotel Pennsylvania We have enough ugly skyscrapers Our History IS NOT FOR SALE.I recently stayed over again, in the penn5000 rooms, and it was a truly wonderful experience. You could feel the echoes of its former glory throughout the building. If a proper restoration is conducted including the removal of the partitions and drop ceiling in the lobby, and re-opening the Cafe Rouge, the hotel could very well become a great Statler Hotel like it used to be.
You right it is his right to do whatever he please. Just as it is my right to try and stop him.
It's too bad it's so run-down, but there is a lot of history there and it would be nice of they could return it to its' former glory.
I'll be right behind you when you stop this this hotel's demolition! The demolition of Penn Station was a traumatic loss to NYC's architecture, and now they want to demolish Penn Station's little sister. I don't get it. I want to sit down with a member of Vornado and just talk to him about why the hotel should be saved. It angers me so much because I'll never be able to do that, and because nobody can do that, the Hotel will be demolished.
With regard to the Hotel Pennsylvania, I am from New Zealand and stayed in the hotel Pennsylvania in 2005. Yes, it is old and showing signs of age but I thought the hotel was a great place to stay. I would be saddened to learn if it was being demolished as next time I am in New York it will be top of my list of places to stay. It really is in my opinion the quintessential New York hotel which really added to my experience of New York. Auckland, New Zealand has lost so much of its beautiful buildings at the hands of greedy developers but unfortunately some of the reasons the Hotel Penn is so great for tourists (such as location) are the same reasons the owners want it gone.
OK - who is lying? Is it a "dump" or is it a decent enough hotel that some greedy SOB developers want to raze?
OK - who is lying? Is it a "dump" or is it a decent enough hotel that some greedy SOB developers want to raze?
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