#vornado

The area around New York’s Pennsylvania Station has long remained gritty and clogged with commuters as much of the rest of Manhattan has flourished.

NowVornado Realty Trust is gearing up to change that.

One of the nation’s largest office landlords, Vornado is hoping to spark a revitalization of the area.

“There is no reason that we cannot achieve very, very substantial rising rents in Penn Plaza—very substantial, enormous—with a little TLC,” Vornado Chief Executive Steven Roth said at a Citigroup Inc. investor conference last month, according to a transcript. “That’s going to be the principal focus of Vornado in the next short period of time, [the] next couple of years.”