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Vornado Realty Trust<\/a>\u00a0is considering tennis courts for the US Open as a temporary replacement for a skyscraper near Madison Square Garden, as the real estate developer copes with what its chief executive called an \u201coffice apocalypse.\u201d<\/p>\n The area where the 61-floor office tower in Manhattan was planned could also become the site of basketball courts, New York Fashion Week or even a giant billboard that\u2019s 150 feet (46 meters) tall by 197 feet wide, according to an online\u00a0promotional brochure.<\/a><\/p>\n The new office tower was set to replace Hotel Pennsylvania, which was shut during the pandemic and demolished. But Vornado put the tower plan on hold along with parts of the massive redevelopment plan to remake Penn Station last year after high interest rates and the shift to working from home\u00a0triggered a crisis<\/a>\u00a0in the commercial real estate market.<\/p>\n Read More:\u00a0Billionaire Steven Roth\u2019s Manhattan Bet Battered by Office Woes<\/a><\/p>\n A Vornado spokesperson said the renderings in the presentation were for \u201cconceptual purposes.\u201d<\/p>\n \u201cWe are currently considering a number of potential interim options for the Hotel Pennsylvania site,\u201d the spokesperson said.<\/p>\n Crain\u2019s New York previously reported on the brochure.<\/p>\n There\u2019s a \u201ctotal blacklisting of office in the capital markets,\u201d Chief Executive Officer\u00a0Steven Roth\u00a0said on an earnings call earlier this week, leading to an \u201coffice apocalypse\u201d in the central business district. He said the site where the tower was planned, known as PENN 15, is now fully flattened.<\/p>\n If Vornado\u2019s new plans are in line with existing permits known as a general project plan, they could move quickly, said Casey Berkovitz, press secretary at the Department of City Planning. \u201cIt makes sense that in the short term they\u2019d want to do something to the space,\u201d he said.<\/p>\n The brochure states that the flattened space offers a \u201cdiverse range of scenarios for brand activations and events,\u201d including \u201cbasketball activation with NCAA-sized courts, a tennis brand, a large covered tent setup or an outdoor concert venue.<\/p>\n \u2014 With assistance from Katherine Chiglinsky<\/em><\/p>\n\nSubscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n<\/div>\n