Vornado Realty Trust is actively supporting the federal government’s plans to revamp Penn Station, as projected by CEO Steve Roth in the latest earnings call. With significant investments in surrounding facilities, Vornado refers to the evolving neighborhood as 'Vornadoland'. The Trump administration's announcement allows Amtrak, with federal backing, to lead the redevelopment, emphasizing a collaborative effort for public space enhancement. While Vornado remains cautious regarding future developments, executives continue to explore business opportunities, considering a range of possibilities without rushing into decisions, particularly regarding the Hotel Penn site.
Vornado is open to collaborations on the redevelopment of Penn Station, welcoming federal government involvement to enhance the area, which they regard as ‘promised land’.
Vornado executives remain non-committal about future projects in the Penn District, focusing instead on existing business investments and debt management.
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