Vornado to Cut 70 Jobs, Reduce Salaries in Bid to Slash Expenses

The Manhattan skyline seen from the Brooklyn borough of New York, U.S., on Friday, Sept. 4, 2020. U.S. stocks fell to a two-week low as megacap tech shares came under pressure for a second day, but came off their lows as the holiday weekend approached.Photographer: Michael Nagle/Bloomberg

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By Natalie Wong

December 1, 2020 at 1:42 PM UTC

This article is for subscribers only.

Vornado Realty Trust, a major Manhattan property owner, is cutting costs as the pandemic roils New York’s economy.

The real estate investment trust plans to reduce expenses by more than $35 million by reducing compensation and cutting 70 jobs, according to a statement Tuesday.