PENN District poised to grow by another block, replacing ‘junky retail' — NYC loses retail giant [Yahoo! Finance]
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Source: Yahoo! Finance
The powerful REIT plans to create what a source called a “cohesive street-level experience” on both sides of Seventh Avenue between West 33rd and 34th streets, replacing what Vornado chairman Steve Roth recently called “junky retail.” Vornado quietly bought up one parcel after another on the nondescript but heavily-trafficked block over the past few years. The next step, our sources said, will be demolishing the unattractive small buildings on the east side, to be followed by those on the west side. The few existing tenants are all on short-term leases. Roth tapped a crack leasing team headed by Newmark's global retail chairman Mark Masinter to “repopulate,” as our source put it, the old stores with merchants appropriate for the reborn district anchored by Penn Station and Madison Square Garden. Vornado spent $2.5 billion to redevelop old office towers, launch the dining and shopping options inside the Moynihan Train Hall, and install a popular public plaza on West 33rd Street be
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