The West Village, 1999. The meatpackers have all but left the nearby cobblestones, but a savvy buyer can still pick up a sprawling, newly-converted industrial loft for a little over a million bucks.
Enter Steve Roth, chairman of megadeveloper Vornado, who knows a real estate deal when he sees one and is renowned for waiting out the market until the time is right to sell.
All that agita for nothing.
After fighting the bullish Steve Rothto save the Empire State Building’s spot on the skyline, Tony Malkin has won a reprieve—thanks to the miserable economy.
Missing the Landmark
While there’s no official word yet on whether or not there has been any “K-I-S-S-I-N-G,” it seems like some pouty lips are being puckered by both parties on the matter of Vornado’s ongoing renovations of 510 Fifth Avenue, the former Manufacturer’s Hanover Trust building.
Jonathan Gray, Blackstone’s wizard of real estate, has spent billions buying up distressed assets during the downturn, including his brand-new bid for some of Bank of America’s buildings. Still, the deal that has defined his career so far has to be Blackstone’s purchase of Sam Zell’s Equity Office Properties. Not only was the 2007 acquisition of 563 office properties the largest leveraged buyout of all time, at $39 billion, but it also pit Mr. Gray against one of the shrewdest men in real estate, Vornado’s Steve Roth. The bullish Mr. Roth is still stinging from the loss.
Sunday came and went, and still there is no deal for Vornado’s Port Authority Bus Terminal tower. It has been a dozen years since Vornado was tapped to build the thing, and while the developer was poised to get to work in 2007, those plans collapsed along with the economy. The deal was set to expire this weekend, but the Port Authority has granted Vornado yet another extension to come up with a plan to make both sides happy.
It has now taken Steve Roth a dozen years and almost as many extensions to keep his plans for a tower atop the Port Authority Bus Terminal alive. But with a deadline approaching Sunday to finalize a deal, The Journal reports that Vornado and the Port Authority are still far from a terminal tower agreement.
It is one of the most mythic and elusive redevelopment projects in the city, the plan to restore at least some of Penn Station’s former glory with a new station inside the old Farley Post Office. But this train could be delayed for good.
On an August morning in 2008, to celebrate the 150th anniversary of Central Park, crowds lined up for hours to take a ride in a hot-air balloon 30 stories above the park’s southern end. Soaring above the trees, with a clear shot of the reservoir shimmering to the north and the midtown skyline to the Read More
330 Madison Avenue
Even the experts don’t have an easy time finding new office space.
After a lengthy search, one of the city’s largest commercial brokerages is trading spaces in midtown. Jones Lang LaSalle is taking two floors in Vornado’s 330 Madison Avenue, occupying 82,000 square feet in the base of the recently renovated tower, according to Real Read More
Battle of the Skyscrapers
Looks like Boston Mayor Tom Menino has not cooled off very much on the subject of Vornado.
Earlier this year, the mayor, upset about the stalled progress at a half-demolished, prime, Vornado-owned development site in downtown Boston, proclaimed his rage about comments made by Vornado chairman Steve Roth, who indicated he had encouraged blight on Read More