Penn Station Stinks, But the Neighborhood Is Looking Up
Vornado hopes to develop where others haven’t even tried
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New York City has for decades talked about improving the neighborhood around antiquated Pennsylvania Station with the kind of development that’s invigorated other parts of Manhattan. Real estate billionaire Steven Roth is finally seizing the moment.
Roth’s Vornado Realty Trust is determined to replicate Hudson Yards’s success and lure tech companies to make the “Penn District” the next hot part of town. The company is spending more than $2 billion to redevelop over 5 million square feet near the station and Madison Square Garden, the sports arena that sits atop the depot.