Vornado Sees NYC Retail Distress—for Other Landlords
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Retail real estate is a headache for landlords all over New York -- well, unless they’re named Vornado.
Steve Roth, chairman and chief executive officer of Vornado Realty Trust, said his company, one of the largest owners of Manhattan street retail, is doing just fine, even as its neighbors struggle with declining shopper traffic. More than half of the real estate investment trust’s store value is in the high-rent Times Square and upper Fifth Avenue corridors, Roth said on Vornado’s earnings call Tuesday. And the properties in its New York retail division are 96.3 percent occupied.