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NEW YORK CITY-Vornado has accumulated a virtual Monopoly game board in the Penn Station district. The REIT currently holds the title to more than six million sf of assets in the area. "We've identified Penn Plaza as an opportunity," says Vornado's Steve Roth. The firm is partnering with Related Cos. on the Farley Post Office/Moynihan Station redevelopment. That effort involves relocating the existing Madison Square Garden complex a block over. "The city will benefit enormously from the new world-class arena facility."

Roth points out that Vornado's "objective as developers is to get our hands on the five and half million sf of development that go with the Madison Square Garden new development." He says the effort will create a Superblock from 31st to 33rd streets between Eighth and Seventh avenues aggregating approximately seven million sf. He says the new "scheme involves a new Penn Station with multiple-floor retail and a possible link to Macy's. "We have a unique opportunity to make a grand entrance to Penn Station."

The chairman of the board and chief executive officer notes that the plan has "evolved" over time and still involves "lots of heavy lifting" with governmental entities. However, the long-term benefits will outweigh any challenges, the firm's officials believe. "The most value for our shareholders will be the increasing value of our existing holdings in this district." Looking forward, he anticipates the properties could command as much as $200 per sf. "It's impossible for them not to increase in value. Our core business is on a great path. It will take multiple years to get to it, but it will come."