(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW YORK CITY-During a Credit Suisse Real Estate Conference late yesterday afternoon, Vornado CFO Joseph Macknow said company executives are on the hunt for "one big deal" this year. He cautioned that despite the firm's admitted interest in retail REIT the Mills Corp., "nothing has been identified."
He also said that any agreement to move Madison Square Garden a block over within the Farley Post Office/Moynihan Station redevelopment is "a long way from being done." Macknow noted that the process involved for the firm's joint venture effort with the Related Cos. is "protracted" due to the regulatory approvals and that Vornado does not anticipate any FFO until after 2007, at the earliest.
Macknow also said the firm is exploring opportunities in India. "We placed $16 million in a $100-million fund. That's almost petty cash for Vornado. We're testing the waters. We're very impressed, but far from committed to India."
When it comes to the New York City office market, Macknow admitted that Vornado made some mistakes. He says the firm didn't capitalize on opportunities by purchasing properties three or four years ago at market prices. "We were wrong. We'd be a lot richer today."
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