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Merrill Lynch to Stay Downtown

The Wall Street Journal is reporting that Merrill Lynch will renew its lease in the World Financial Center, despite earlier reports the financial services giant would move to a new building on the site of the Hotel Pennsylvania. Apparently the negotiations with Vornado, a lead developer in the Moynihan Station Venture and the owner of Hotel Penn, broke off after the resignation of Stanley O’Neal. Curbed wonders what this means for the future of Hotel Pennsylvania, which is eligible for the National Register of Historic Places and within the proposed Moynihan Station Subdistrict.