Posted Nov 1, 2011, 3:06 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,955
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http://therealdeal.com/newyork/articles/climbing-back-to-the-top
Climbing back to the top
November 01, 2011
By C. J. Hughes
Quote:
Vornado, headed by Steven Roth and Michael Fascitelli, saw its stock price sink to $29.31 in March 2009, but it, too, soared this past July, to $98.60, a 236 percent leap. In the middle of last month, it was at $76.72.
While the recent price dip could, of course, be making it harder to sell shares and raise money, it doesn't bode badly for Vornado's development plans, said Sheila McGrath, a managing director with Keefe, Bruyette & Woods in Manhattan. She cited the 2 million-square-foot high-rise, 15 Penn Plaza, that Vornado is planning for the Hotel Pennsylvania site across from Penn Station.
"As long as the returns pencil out" -- that is, as long as it can get an anchor tenant -- "they can make it work," she said.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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