Sky Scraper To Rival Empire State Building

Posted on 02. Sep, 2010 by Nora Betz in News

This Wednesday, the City Council approves the construction project to build a tower 1,200 feet high in New York City. With the support of Mayor Michael Bloomberg, development company Vornado Realty Trust is moving forward with the plans to construct a high-rise building at 15 Penn Plaza.

Skeptics argue that the structure would interfere with the view of the Empire State Building and negatively impact the iconic NYC skyline. The City Council reviewed the studies however and decided that the positive affects of the new construction far out-weighed the bad.

Vornado Realty Trust promises to spend $150 million on improvements to Penn Station and will create upwards of 6,000 new jobs and $3.3 billion in new economic output. A percentage of these jobs will be rewarded to companies with minority or female ownership to ensure the contributions made by 15 Penn Plaza are more fairly distributed to local companies.

Not to mention, many potential property management jobs will be created long term with the construction of this massive multi-unit building located in the heart of the metropolis. This is refreshing news in our current U.S. real estate market.

Source: http://online.wsj.com/article/SB10001424052748703632304575451653305573536.html

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