Subject:Make babies and bulldoze neighborhoods
Last updated: May 12, 2006 07:42am
Vornado Talks Up Moynihan Station
By Barbara Jarvie
NEW YORK CITY-Moynihan Station plans and international investment
were two of the subjects discussed during an investor call with
Vornado Realty Trust officials. The firm's Penn Plaza concentration,
which encompasses the Moynihan Station effort, is being called the
"gateway to the Far West Side," said David R. Greenbaum, president of
the New York Division.
The total redevelopment aggregates 16 acres and approximately 8.5
million sf of real estate product. Plans do call for moving the
current Madison Square Garden one block over. The effort will be
separated into Moynihan East and Moynihan West. "We're working on
this 24 hours a day," Greenbaum said.
Michael D. Fascitelli, president and trustee, pointed out that
India--where the firm already has a $25-million investment--has
"enormous profit potential." He believes the firm will "hopefully
increase" its investment in that country. When it comes to investing
in other countries, he said the "European market is very interesting
and very expensive." Steven Roth, chairman of the board and CEO,
added that the Vornado "should take a more international view. We'll
look abroad with enormous care and restraint. We're getting the
itch." He also noted that REIT legislation is "sweeping the world."
Vornado officials are also concentrating efforts in the Washington,
DC area, where as many as 290,000 new jobs are anticipated. "Crystal
City is our biggest opportunity so far," said Mitchell N. Schear,
president of Charles E. Smith Commercial Realty Division. "It's
proven itself to be one of the strongest markets in the country."
"Vornado is a big group, but size is not our goal. Making money is
our goal," Roth said. "Our balance sheet is a fortress. With regard
to the Toys 'R' Us acquisition, he advised, "Make babies and buy a
lot of toys. We're begging you."
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