A year ago, Vornado Realty Trust CEO Steven Roth slammed the brakes on New York's ambitious plan to redevelop Penn Station by building up to 10 office towers encompassing 18M SF on property mainly owned by Vornado in an expanded Penn District.
In an earnings call last January, the Vornado CEO said it was "impossible" to start building new office towers in Midtown Manhattan for the foreseeable future with frozen capital markets.
In an earnings call last week, Roth made it clear he hasn't changed his mind. "Now we have a CBD office apocalypse involving the work from home threat and the total blacklisting of office in the capital markets," Roth said, during the call. "You can't build anything in these frozen capital markets."
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