February 21, 2017
Vornado Realty Trust is still bullish on New York City, citing Federal policy, infrastructure projects and the low crime rate, even as office and retail vacancy rates edge higher.
Vornado is one of the city’s largest landlords, and is developing the new Moynihan Station in Midtown Manhattan.
“Our confidence in the continued economic vibrancy of New York has never been greater,” said David Greenbaum, president of Vornado’s New York Division, according to a partial transcript of Vornado’s Q4 earnings call from Ariel Property Advisors.
However, in the short-term, demand for retail and office space is softening, just as new buildings open. “While overall job creation in New York remained positive in 2016, the rate of growth slowed to the national average after consecutive years where the city outpaced the rest of the country,” Greenbaum said.
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