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Vornado Talks Up Moynihan Station

NEW YORK CITY-Vornado officials detail plans for the Moynihan station project and for their possible international ventures. The firm is also concentrating efforts in its DC-area portfolio.

By Barbara Jarvie | Updated on May 11, 2006

NEW YORK CITY-Moynihan Station plans and international investment were two of the subjects discussed during an investor call with Vornado Realty Trust officials. The firm’s Penn Plaza concentration, which encompasses the Moynihan Station effort, is being called the “gateway to the Far West Side,” said David R. Greenbaum, president of the New York Division.

The total redevelopment aggregates 16 acres and approximately 8.5 million sf of real estate product. Plans do call for moving the current Madison Square Garden one block over. The effort will be separated into Moynihan East and Moynihan West. “We’re working on this 24 hours a day,” Greenbaum said.Michael D. Fascitelli, president and trustee, pointed out that India–where the firm already has a $25-million investment–has “enormous profit potential.” He believes the firm will “hopefully increase” its investment in that country. When it comes to investing in other countries, he said the “European market is very interesting and very expensive.” Steven Roth, chairman of the board and CEO, added that the Vornado “should take a more international view. We’ll look abroad with enormous care and restraint. We’re getting the itch.” He also noted that REIT legislation is “sweeping the world.”

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