Francesco Riccardo Iacomino/Getty Images
- Vornado Realty Trust is contemplating turning a prime New York City plot into a giant billboard.
- The plan comes amid a struggling commercial real estate market.
- The site, once home to Hotel Pennsylvania, has also been proposed for housing by state lawmakers.
New York City-based developer Vornado Realty Trust is considering using a plot of land near Madison Square Garden and the Empire State Building to house a 150-foot tall billboard, among other options.
The project is called "The Penn Platform" and was previously reserved for a 56-floor office tower. But the commercial real-estate sector is in serious trouble, and now, Vornado is rethinking that plan.