The Penn Goes Poof!

[Gantz]

Originally Posted by stormgal

They're going to replace the hotel with a sky scraper larger than the Empire State Building - a huge waste of money especially since many people are working from home and the commercial real estate market is about to collapse just like banks due to high interest rates.

Typically these big office towers are not build on spec, they would have an anchor tenant lined up. I suspect after the demolition, this lot may sit empty for a couple of years until interest rates go down, unless Apple or Amazon decide to swoop in as an anchor tenant.

[stormgal]

Originally Posted by Gantz

Typically these big office towers are not build on spec, they would have an anchor tenant lined up. I suspect after the demolition, this lot may sit empty for a couple of years until interest rates go down, unless Apple or Amazon decide to swoop in as an anchor tenant.

That's exactly right!

[Cida]

Originally Posted by stormgal

They're going to replace the hotel with a sky scraper larger than the Empire State Building - a huge waste of money especially since many people are working from home and the commercial real estate market is about to collapse just like banks due to high interest rates.

I wonder if they's re-think that now.

[Chava61]

Once I met someone from out of town who was staying there. I wasn't impressed by the hotel lobby and I don't think the person staying there was impressed by the hotel itself either.