Vornado Realty Trust has hit pause on an 18 million-square-foot project in midtown Manhattan

Written By Ainslee Barnum

Vornado Realty Trust, a New York City-based real estate investment trust, has hit pause on an 18 million-square-foot project in midtown Manhattan, according to the company’s latest earnings call.

 

Muted demand for office space, high-interest rates, and unfavorable capital markets have pushed Vornado to delay the Penn Station project for another two to three years, and to rethink its new construction work, said Michael Franco, Vornado president and CFO.

 

‘Impossible to build’: Vornado postpones NYC development | Construction Dive

Ainslee Barnum
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