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Topic - Steven Roth
New York's famed Hotel Pennsylvania is safe from the wrecking ball, rescued by the economy rather than preservationists.
J.C. Penney Co. is closing some stores, outlets and call center locations and continuing to work on an exit from its catalog business in an effort to streamline operations and boost profits.
Roth said at the Monday conference that the company now aims to develop the hotel as part of its strategy to drive up the value of the surrounding properties.