Vornado Realty Trust stands to win very big if the current plans for Moynihan Station go through. As the Municipal Art Society puts it on a Web site dedicated to the plans: Vornado "will dominate one district like no other landlord in the city."
Vornado, based in Paramus, NJ, and one of the biggest publicly traded landlords in the nation, already owns about 7 million square feet of commercial space between 31st Street and 34th Street west of Broadway.
Under the plans released yesterday by the Empire State Development Corporation, Vornado and its development partner on Moynihan Station, The Related Companies, could get to build over 7 million square feet of commercial and/or mixed-use space, including buildings to rival the Empire State Building in size (though probably not surpass it).
Also, Vornado owns the Hotel Pennsylvania across the street from the current Penn Station and Madison Square Garden. The landlord has long talked about tearing down the hotel and building a gigantic office tower in its place. (Press reports have put the tower’s size at no less than 2 million square feet; the Empire State Building is about 2.8 million.)
For perspective, consider this: The World Trade Center site office development–which is spread among different developers, like Silverstein Properties and the Port Authority–should create about 10 million square feet of new office space. Vornado could end up building or helping build nearly the same amount in a roughly 15-block area–where it already owns about 7 million feet.
Vornado properties in the area include the 2.58 million-square-foot One Penn Plaza and the 1.1 million-square-foot 11 Penn Plaza.