Vornado Realty Trust announced that it has named Newmark Group as the exclusive leasing agent for the next phase of its retail transformation in the PENN District on Manhattan’s West Side, a move that is part of a $2.5 billion revitalization program.
The partnership will see Newmark’s retail team, led by Chairman of Global Retail Mark Masinter, work closely with Vornado to develop a street‑level retail corridor along Seventh Avenue between 33rd and 34th Streets and to enhance the Moynihan Retail Corridor within the Moynihan Train Hall.
By bringing in a specialist leasing partner, Vornado signals its intent to create a cohesive, high‑traffic retail environment that will attract tenants and support the upcoming opening of Primark’s 78,000‑square‑foot flagship store. “We have methodically remade THE PENN DISTRICT as a 24/7 neighborhood for every occasion and every taste,” said Vornado Executive Vice President Glen Weiss. “In partnership with Mark and the Newmark team, we will make THE PENN DISTRICT retail environment New York’s next big event.”
Vornado has already added 1.1 million square feet of new retail space, redeveloped more than 5 million square feet of Class A office space, and created over 300,000 square feet of public plazas. The new leasing partnership aligns with the company’s long‑term vision of an 18 million‑square‑foot development that positions the district as a premier mixed‑use destination.
While no immediate market reaction data is available, the appointment is expected to strengthen the PENN District’s appeal, increase foot traffic, and potentially raise rental income and property values as the area evolves into a 24/7 retail and transit hub.
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