PENN 2 in 2024.
Source: Vornado Realty Trust
Real Estate
NYC’s Tired Buildings Got a Multibillion-Dollar Facelift While You Worked From Home
With buildings sitting empty, developers are making much-needed upgrades that reimagine iconic properties and transform the city’s streetscapes.
For decades, the area surrounding Penn Station has been a symbol of New York City’s lost grandeur: a gritty, congested crossroads that never quite recovered from the demolition of the original, majestic Pennsylvania Station in the 1960s.
While plans for a sweeping redevelopment of the transit hub have repeatedly stalled, a $3 billion investment from Vornado Realty Trust has been reshaping its office district, with 2 Pennsylvania Plaza — the site of the original station entrance — as its cornerstone.