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Breaking News: Reactions to Vornado’s “Plan B”

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According to Reuters, Vornado announced revised plans for Moynihan Station on Tuesday. “Either the (city and state) governments are going to get their act together, which they probably will not or we’ll go to plan B,” said Steve Roth, CEO of Vornado.

At the Pennsylvania Station/Madison Square Garden complex, Vornado plans to remove the theater, build a grand entrance to Eighth Avenue underneath the seating of the arena and another grand entrance to the train station on 7th Avenue.

The Garden is across from the Moynihan Station, a Beaux Arts style post office completed in 1914. Vornado and partner Related Cos. are redeveloping the structure.

“What that will do is to create a new grand train station,” Chairman and Chief Executive Steven Roth said during an investor meeting. “What happens with this Moynihan and Madison Square Garden is to increase the value of our adjacent 8 million square feet.”

A few questions:

Where will the theater go? Will it just close? Is someone buying it from MSG?

There are plenty of unused development rights on the Penn Station block. But we wonder whether the rights would be unlocked by renovating the station instead of building a new one as originally planned? How exactly would Vornado benefit from work on Penn Station?

What will be the role of the Related Companies, Vornado’s partner in the Moynihan Station Venture?

And what about the role of the public?

Let us know what you think.

Read “Vornado Goes to Plan B,” by Ilaina Jonas for Reuters.