Steve Roth

For more than three decades, Roth has tried to bend the blocks around Penn Station to fit his vision.

He’s amassed more than 9 million square feet around the transit hub since the 1990s — an assemblage he has nicknamed “Vornadoland,” “the promised land” and “the big kahuna.” His ambition: transform the district into a dense office campus anchored by modernized towers. Pieces of that plan have materialized with the costly redevelopments of Penn 1 and Penn 2.

The broader state-backed vision for millions of square feet of new office and residential development has stalled, most recently paused by Gov. Kathy Hochul, who shifted focus to a federal-led overhaul of Penn Station. Vornado is reportedly part of one of the teams named as a finalist in the competition to serve as master developer of that project.

The company is about to begin construction on a 2 million square foot office tower at 350 Park Avenue, alongside partners, Citadel’s Ken Griffin and Rudin Management. In recent months, Roth has touted the improving health of Manhattan’s office market, saying that the REIT has seen high demand among finance, tech and other industries for space in its high-end office properties. Still, the company, along with other real estate companies, has seen the price of its stock drop over the past year. 

Meanwhile, Roth continues to tease plans for the former Hotel Pennsylvania site, known as Penn 15, where Vornado envisions a new office tower, potentially with housing.