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Vornado To Redefine Manhattan Real Estate Strategy

NEW YORK CITY-In the publicly-traded REIT’s latest 8-K filing, the company’s chairman said Vornado will be redefining its New York business segment, as well as actively trimming non-strategic, non-geographic assets.

By Jacqueline Hlavenka | Updated on April 16, 2012

NEW YORK CITY-For publicly-traded REIT Vornado Realty Trust, everything is on the table—literally, says company chairman Steven Roth in a letter to shareholders filed with the Securities and Exchange Commission on April 13. In a call-to-arms style announcement, the company will be redefining its New York business segment, as well as actively trimming non-strategic, non-geographic assets in an effort to ramp up its commercial real estate strategy in core business markets in Manhattan and Washington, DC.

“As [Vornado CEO and president] Mike [Fascitelli] said to an industry group, ‘we have lost some luster and we are going to fight to get it back,” Roth writes. “And we will.”

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