Vornado Realty Trust is planning to renovate its properties around Penn Station in a push to improve the neighborhood, the Wall Street Journal reported.
Penn Station has long been in an area that city officials have wanted to see transformed into a retail or an entertainment destination, the Journal noted.
Vornado, one of the city’s biggest landlords, has decided to convert its building at 7 West 34th Street from a home decor showroom into an office building and is renovating the Hotel Pennsylvania, on Seventh Avenue across from the transit hub. According to the Journal, Vornado was considering replacing the hotel with an office skyscraper but decided not to because commercial rents aren’t high enough. The company is also buying out retailers in the area. [WSJ] –Hayley Kaplan