I was hoping this would happen! fantastic news.
By demolishing the 1.6-million-square-foot tower, Vornado would potentially be able to transfer some of the 5 million square feet of air rights at Madison Square Garden, which the real estate investment trust co-owns with the Dolan family. Some of the air rights could be “sprinkled to adjacent sites,” Roth noted, but the intention seems to be to create massive new development.
“The old 2 Penn has a 60,000 square foot footprint, the new [one] would have a 120,000 square foot-plus footprint at the base, perfect for our creative class tenants,” Roth said. “There would be towers above and a significant retail component below sandwiched between the train station and the office base.”