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Vornado Realty Trust is New York State's business partner on the long-term plan to redevelop the area near Penn Station

NY State Reaffirms Penn Station Area Redevelopment as Vornado Takes a Pause

On Vornado Realty Trust’s third-quarter earnings call, chairman and CEO Steven Roth appeared to put a damper on progress in New York Gov. Kathy Hochul’s large-scale plans to redevelop the area around Penn Station. He discussed the renovations to Vornado’s existing office towers in the neighborhood, but added, “I must say that the headwinds in the current environment are not at all conducive to ground-up development.” 

The REIT controls most of the 10 sites around Penn Station that have been earmarked for large-scale rebuilding, the New York Post reported. When asked on Tuesday’s earnings call whether he would change or scale down the state-endorsed plan for the Penn Station neighborhood, Roth replied, “That’s not something we’re going to get into now.” 

A spokesman for Empire State Development, the state agency overseeing the project, said, “We have always said that this was a long-term project to be built over more than a decade and designed to withstand temporary market adjustments.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Policy/Gov't
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