Interim Outdoor Event Space Considered for Former Hotel Pennsylvania Site
Muted office space demand and the challenges of securing financing have led to decisions to delay construction of a planned 56-story Penn 15 office development on the site of the former Hotel Pennsylvania, prompting Vornado Realty Trust to consider multiple alternative interim options for the site that would be able to generate some cash flow in the meantime. Recently the REIT revealed conceptual designs for an 80,000-square-foot event space dubbed “The Penn Platform.” Located in the center of the Penn Plaza neighborhood directly across from Penn Station and Madison Square Garden, the site that spans the entire 7th Avenue blockfront between West 32nd and 33rd Streets would have the flexibility to host a variety of outdoor and covered events including sports, fashion shows, and concerts. Events would benefit from high visibility branding across multiple digital displays including one measuring 150-feet high by 197-feet wide, which some believe to be an unprecedented size for the immediate area. However, according to a spokesperson for the New York city Department of City Planning, “if the development proceeds in line with what was approved, it doesn’t require any further review or approval by the city.”
Source: https://www.6sqft.com/vornado-temporary-outdoor-event-space-at-hotel-pennsylvania-site/