"There are two components to examine here. First, you have to remember that there's been an upset in leadership here, and the Port Authority is a political entity. New Jersey has a new governor, and that's going to have some impact on the negotiations," explains Donohue. "That sort of thing isn't driven by the economy or the structure of the deal. Also, these stock market jitters have probably made [Vornado] feel like they're buying at the top," says Donohue. George Donohue is currently president of the William B. May Co.
Vornado is not out of the game yet, however. Time will tell whether or not the PA was able to negotiate a better deal with Silverstein.
Both a spokeswoman for Vornado and for Cherrie Nanninga at the Port Authority declined to comment.
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