While the town, state and Vornado Realty Trust weigh how and when to redevelop the Penn Station and Madison Square Garden sites, industrial property owners just outside the proposed condemnation area aren’t waiting to upgrade their buildings.
At 370 Seventh Ave. owned by the Feil Organization, branded as Seven Penn Plaza, the capital improvement program will lead to a pre-war, 18-story tower, a newly upgraded lobby and tenant amenities, including a new rooftop terrace, by the fourth quarter of 2024. MdeAS Architects is designing.
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![The tower is located at 370 Seventh Ave.](https://nypost.com/wp-content/uploads/sites/2/2023/04/7-PennPlaza-001.jpg?w=1024)
Feil has owned the address since 1961. The 368,000-square-foot offices are 85% leased to various businesses. Amongst them, KC Engineering and Land Surveying, a tenant for over 30 years, renewed the lease for ten years and increased the space from 9,005 square feet to 12,788 cubic meters.
Asking rents oscillate around USD 60 per square meter.
As the town’s key hospitality industry struggles to fully get better from the pandemic, it could actually handle all the general public support it could actually garner. That is why Mayor Eric Adams’ opening remark on Monday on the Hotel Association of New York City Foundation’s “red carpet hospitality gala” at Pierre shall be closely followed.
Adams is anticipated to discuss Big Apple tourism, which has rebounded strongly but still falls wanting pre-pandemic levels. Hotel occupancy rates remain below 2019 levels
The gala is co-chaired by HANYC President Vijay Dandapani and Chairman Fred Grapstein, and HANYC Foundation Chair Heather Davis. Amongst those honored was Arash Azarbarzin, CEO of Highgate, who will open a new Kimpton Theta hotel in the theater district this fall as a part of the IHG Hotels & Resorts portfolio.