Real estate billionaire Steven Ross is the man responsible for the development and success of Hudson Yards on Manhattan’s West Side. Just a few avenues to the east, is Penn Station and the Fashion District – an area many find “underwhelming.” But, not for long.Crain’s New York reports that “Roth’s Vornado Realty Trust is determined to replicate Hudson Yards’ success and lure tech companies to make the ‘Penn District’ the next hot part of town.” The company will be investing more than $2 billion to develop more than 5 million square feet of space in the area (surrounding Penn Station and Madison Square Garden) and is hoping to attract such powerhouse companies as Facebook and Apple.Most would agree that this despised station is in dire need of improvement. “Today it’s ringed by panhandlers, drug abusers, bland bank branches, nondescript pharmacies and steady streams of travelers—an estimated 650,000 a day—who make the station the busiest transit center in the Western Hemisphere,” notes Crain’s.Vornado hopes to construct several buildings which will offer a major upgrade from what currently surrounds the transit hub. The façade at the main entrance to Penn Station is also expected to undergo a major revamp.# # #To read the full report, click here: https://www.crainsnewyork.com/real-estate/penn-station-stinks-neighborhood-looking
