Posted Jan 9, 2013, 7:16 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,622
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http://www.rew-online.com/2013/01/09/vornado-missed-the-boat-says-fascitelli/
Vornado missed the boat, says Fascitelli
By Orlando Lee Rodriguez
January 9, 2013
Quote:
Admitting that his company did indeed lose out by not investing into the Penn Station area sooner, Michael D. Fascitelli, president and chief executive officer of Vornado Realty Trust, spoke of his continued interest in the rapidly changing area, but said a market move would have to be delayed. “I think we missed an opportunity to do what we wanted to do,” Fascitelli said. “I think it will be the center of what’s going on down there. We have the capability to make it happen, we just have to wait until the next cycle. We are one cycle late.”
Fascitelli said that although New York has emerged stronger and grown steadily compared to other cities, such as Boston and San Francisco, domestic growth will likely be slow because of government ambivalence on fiscal policy. The effect of quantitative easing on interest rates, Fascitelli said, is hurting the local office market in terms of companies moving into new space. It has been cheaper for corporations to negotiate extensions than to move to new offices.
In 2006, Vornado agreed to pay more than $310 million for rights to develop retail in the rear of the Penn Station building, a plan that never took off. The company has also outlined plans for a new tower at 15 Penn Plaza . Also indefinitely postponed, the 68-story tower would have 430 units and 2,050,000 s/f of floor space.
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