Vornado Realty Trust

August 22, 2016

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

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
April 27, 2016

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

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?
February 19, 2016

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.
read more from carter here