Home Business News NYC developer mulls tennis courts as an alternative of skyscraper

NYC developer mulls tennis courts as an alternative of skyscraper

NYC developer mulls tennis courts as an alternative of skyscraper


Vornado Realty Trust is contemplating tennis courts for the US Open as a short lived alternative for a skyscraper close to Madison Sq. Backyard, as the actual property developer copes with what its chief government referred to as an “workplace apocalypse.”

The realm the place the 61-floor workplace tower in Manhattan was deliberate might additionally change into the location of basketball courts, New York Style Week or perhaps a big billboard that’s 150 toes (46 meters) tall by 197 toes broad, based on an internet promotional brochure.

The brand new workplace tower was set to exchange Lodge Pennsylvania, which was shut throughout the pandemic and demolished. However Vornado put the tower plan on maintain together with components of the huge redevelopment plan to remake Penn Station final 12 months after excessive rates of interest and the shift to working from house triggered a crisis within the industrial actual property market.

Learn Extra: Billionaire Steven Roth’s Manhattan Bet Battered by Office Woes

A Vornado spokesperson stated the renderings within the presentation have been for “conceptual functions.”

“We’re at the moment contemplating numerous potential interim choices for the Lodge Pennsylvania website,” the spokesperson stated.

Crain’s New York beforehand reported on the brochure.

There’s a “whole blacklisting of workplace within the capital markets,” Chief Government Officer Steven Roth stated on an earnings name earlier this week, resulting in an “workplace apocalypse” within the central enterprise district. He stated the location the place the tower was deliberate, often called PENN 15, is now absolutely flattened.

If Vornado’s new plans are in keeping with current permits often called a normal venture plan, they might transfer rapidly, stated Casey Berkovitz, press secretary on the Division of Metropolis Planning. “It is sensible that within the brief time period they’d wish to do one thing to the house,” he stated.

The brochure states that the flattened house gives a “various vary of eventualities for model activations and occasions,” together with “basketball activation with NCAA-sized courts, a tennis model, a big lined tent setup or an outside live performance venue.

— With help from Katherine Chiglinsky

    Subscribe to the CFO Each day e-newsletter to maintain up with the tendencies, points, and executives shaping company finance. Sign up without spending a dime.



    Please enter your comment!
    Please enter your name here