In todays 3rd Quarter earnings conference call Steve Roth still referred to the grand ‘ol lady as a “parking lot”
“A word about the hotel business in New York. While both domestic and international tourism remains strong, the hotel industry is in a down cycle, the victim of gross oversupply. The results of our Hotel Pennsylvania have been weak. We continue to look at this hotel as a parking lot for future development as part of our overall Penn Plaza strategy.”
Still no decision on if they want it to be a residential or an office tower.
The transcript can be found here