The 1,700-room hotel at 701 Seventh Avenue, across from the original Penn Station has been targeted for demolition several times, as owner Vornado Realty Trust considers building a 3-million-square-foot, 68-story office tower, a project known as 15 Penn Plaza, on the site. Vornado originally scrapped the plan in 2007 after Merrill Lynch decided not to lease space for new trading floors; in 2013 the REIT said it would launch a $300 million renovation, then in August 2014 Vornado said it might revive plans for the 15 Penn Plaza tower. Preservationists are seeking to preserve the 22-story hotel, which dates from 1917.

Vornado controls about 9 million square feet in the Penn Plaza area, with buildings such as One Penn Plaza and Two Penn Plaza; its holdings include about 780,000 square feet of retail space. About 600,000 commuters pass through Penn Station daily, in addition to tourists drawn by attractions such as Madison Square Garden.

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