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I’m all for Penn Station being torn down and rebuilt but those towers are too close to the Empire State building. Kinda wrecks an iconic vantage point.
I sure hope so. Cause what I do know is, my company is downsizing some of its offices and planning to downsize the rest, and I'm sure we're not the only ones. Unless these guys already have an anchor tenant in mind, I can't imagine what they're thinking.
Well mega projects like this are years in the making, so by the time you line everything up the market may have dramatically changed for the better. Also, MSG fundamentally does not want to move, they may be paid off to move by the government to the point where this new project is feasible, or at least just the arena portion of it
In order for it to get built, the developers will have to get loans to build it which will be tied to a future mortgage (which will be baked into the deal.) To get that, they'll have to pre lease enough of it to convince the bank they'll be able to pay the mortgage once the building is operating. If they can find credit worthy companies to rent the space, then, by definition, someone needs it. You may not need it, but they don't care what you think.
Having said that, this looks like some architects pie in the sky vision. I don't know who paid for this concept, or if there's a developer behind it who'd set up the financing and get it built. So we'll see if anything comes of it.
In order for it to get built, the developers will have to get loans to build it which will be tied to a future mortgage (which will be baked into the deal.) To get that, they'll have to pre lease enough of it to convince the bank they'll be able to pay the mortgage once the building is operating. If they can find credit worthy companies to rent the space, then, by definition, someone needs it. You may not need it, but they don't care what you think.
Having said that, this looks like some architects pie in the sky vision. I don't know who paid for this concept, or if there's a developer behind it who'd set up the financing and get it built. So we'll see if anything comes of it.
There are two main drivers to this project:
(1) There is public pressure to reclaim the Penn Station head house and kick out MSG's sweetheart property tax deal (which should be lessened with Moynihan opened)
(2) That block between 6th and 7th massively massively under-built and they want to maximize density in transportation centers like they just did with Grand Central
I sure hope so. Cause what I do know is, my company is downsizing some of its offices and planning to downsize the rest, and I'm sure we're not the only ones. Unless these guys already have an anchor tenant in mind, I can't imagine what they're thinking.
Maybe they are thinking that Work From Home is going away by 2023 or whenever. It's not. Highly paid suburban employees in particular have taken to WFH in a huge way.
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