The thing that makes most sense is for this to be razed and replaced by a hotel/condo. They can do that with a 100 year ground lease.
Bidding Is Active for HBO Building
Bidding has been robust for the 15-story building at 1100 Sixth Ave. that is currently HBO’s headquarters, according to people familiar with the matter.
About a dozen different investors are vying for the 315,000-square-foot property at West 42nd Street, the people said. It is expected to be vacated by HBO in about three years. HBO is leaving as part of its plan to joins its parent company, Time Warner Inc., at the Hudson Yards development currently under construction.