On a recent company conference call, real estate developer Vornado confirmed it is pausing its plan to redevelop the blocks surrounding Penn Station into Penn District. Vornado President and CFO Michael Franco shared that the company expects to face more favorable market conditions in two or three years. On the call, Vornado execs anticipated that this year will be difficult “due to depressed leasing and scarce capital.”
The news was not a surprise to those following the saga of the project and eyeing the plight of the commercial real estate market. Last November, Vornado CEO Steven Roth told investors that “the headwinds in the
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