The ‘highest and best use’ of real estate

The recent vote by the New York City Council approving construction of 15 Penn Plaza, a 1.3-million-square-foot office building on the site of the Hotel Pennsylvania in Manhattan, is most likely the final chapter of this storied hotel’s economic life. The approved development plan, similar to the seven new skyscrapers that are proposed in New York City during the next decade, is reflective of the forever evolving highest and best use of real...