It’s an ugly, short, outdated waste of space that could be used for much higher density projects.
How scary it must be to teeter over the edge of this giant tower
The observation deck is coming along nicely!
Obviously it’s a terrible area right now, but change will not occur for a long time.
The NYC real estate industry can only boom so much. With Hudson Yards, Manhattan West, Midtown East (1 vandy, 425, 270 etc.), 57th St, WTC, and FiDi, all in full swing, there are simply not enough companies with the massive amounts of cash necessary to finance construction any further.
34th st/MSG corridor will be redeveloped, but probably not till the next recession-boom cycle.
In fact, a recession might come sooner than we want to think…
I don’t think too many people would agree that HY is a “terrible area”. Home prices and office rents are already higher than many prime parts of Manhattan.
And, yeah, all economies will encounter downturns. Long-term, there’s hardly a better location than HY, and the amount of new space added is nothing in relative terms (there’s already a half-billion square ft. of office space in Manhattan, with the nation’s lowest vacancy rate).
He was actually referring to Penn Plaza. We were discussing earlier what to do with Penn Plaza, and I said rip it all out.
Of course, MSG isn’t off its lease until 2023, so it wouldn’t happen that soon anyways (unless Cuomo comes in with a wrecking ball).
This. HY is a done deal – this was about Penn
I was hoping someone would do this kind of update. Thanks.