NEW YORK — New York’s famed Hotel Pennsylvania is safe from the wrecking ball, rescued by the economy rather than preservationists.

Plans to knock down the nearly century-old hotel, where jazz great Glenn Miller and his orchestra broadcast in the 1940s, and replace it with a 67-story office tower are “on the shelf,” said Steven Roth, chairman of the Vornado Realty Trust, which has owned the building since 1998.

Although City Council approval of zoning changes for a tower to replace the 1,700-room hotel remains valid, the weak economy has led Vornado to switch gears.

Roth, who will assume the additional role of CEO at Vornado on April 15, said the company is close to finding a partner and principal developer to help restore some of the hotel’s former grandeur. The hotel is across from Madison Square Garden and Penn Station.

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The hotel averages 2½-star reviews on travel websites and has been known for bedbugs, a common problem in Manhattan hotels.