09.05.2025 Vornado shares details for planned apartment building near Penn Station
Vornado Realty Trust quietly divulged new details about its long-rumored plan to develop an apartment tower across the street from Penn Station and Madison Square Garden.
The developer envisions spending about $350 million to build a 475-unit apartment tower on the northeast corner of West 34th Street and Eighth Avenue, Vornado President Michael Franco said at an investor conference this week. Vornado plans to tap a state program called 485-x that provides tax incentives to develop affordable housing, according to a report about the conference from Evercore ISI analyst Steve Sakwa.
Further details, such as how many units would be affordable, weren’t available. Vornado declined to elaborate on Friday.