Craig Karmazin of Good Karma Brand will be taking ESPN New York off the FM station next year. Eventually, Good Karma could sell the signal for upwards of $50 million when the lease is up on August 31, 2024. The company owns various ESPN Radio markets after acquiring them in 2021 and is expected to save $12.5 million with the ESPN NY change. The station that carries programs like The Michael Kay Show, DiPietro & Rothenberg as well as games from the Knicks and Rangers, will be AM radio only in addition to digital properties, according to Good Karma Brand. “I can only tell you one thing with incredible sincerity: It will be well worth the wait.In a major sports media move that could be foreshadowing for the company’s future, ESPN New York will no longer broadcast on 98.7 FM at the end of next summer. “We have all kinds of different conversations going on,” he added. “We are also unable to make a commitment now as to whether it’s going to go for a hotel use or an office use or whatever,” he said on an earnings call. But in August, Roth again told investors he couldn’t yet commit to a teardown or renovation. The building is currently clad in construction netting. The on-again, off-again plans have also included renovating the property or connecting it to the company’s 1.1-million-square-foot office-and-retail property Manhattan Mall, which counts JC Penny and advertising giant FCB Global as tenants and sits on the other side of the block facing Sixth Avenue. But back in 2014, Roth said the numbers didn’t work out. Vornado still has approvals in place for that project and has been approached in recent years by other interested tenants. The centerpiece of the plan, at least so far, is “Plaza 33,” an outdoor space at the base of One and Two Penn Plaza.ĭuring the financial crisis, however, Merrill Lynch was purchased by Bank of America, and plans for a new headquarters were shelved. Last year, Vornado hired the global architecture firm Snøhetta - the company behind the public plazas in Times Square and the 9/11 Memorial and Museum - to design a master plan for the district. Below ground, the company upgraded some of the food options on the Long Island Rail Road concourse of Penn Station, kicking out fast food joints like KFC and Pizza Hut in favor of Duane Reade and Pret a Manger.Īnd in January, an 8,000-square-foot, celebrity-chef food court dubbed “The Pennsy” opened at the base of Two Penn in a portion of the space left vacant when retail tenant Borders shuttered five years ago. ![]() “So there lots of different ideas that we have.” Vornado has already started improving the amenities in and around the buildings. ![]() “The population of those buildings that will be coursing through this space is also enormous and we can put food offerings, and even delivery of food, into the complexes,” Roth said. “They’re at a basis where they can really spend,” he said. ![]() If the REIT can push rents up, say, $20 or $30 per square foot, it stands to gain hundreds of millions of dollars annually in the neighborhood, executives believe.Īlex Goldfarb, a REIT analyst who covers Vornado for investment banking firm Sandler O’Neill, said because Vornado bought several of its buildings a while ago at such a low cost basis, it can comfortably shell out a significant amount of cash to upgrade its properties. But Vornado executives have said on earnings calls that upgrading the buildings and the surrounding streetscapes should allow them to jack up rents to rates approaching $90 a square foot, roughly the same as Hudson Yards. Rents in the Penn Plaza office submarket currently average about $55 per square foot. All told, it’s about on par with the Related Companies’ Hudson Yards, the World Trade Center site and Tishman Speyer’s Rockefeller Center. ![]() The portfolio is one of the largest concentrations of office space owned by one landlord in the city.
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