Vornado Realty Trust, the developer hoping to remake the skyline around Pennsylvania Station with a bundle of new office towers, has put the brakes on the massive redevelopment plan for now as interest rates remain high and the real estate market struggles to recover from the pandemic.Steven Roth, the firm's chief executive, voiced strong reservations about the short-term future of Penn Station development and other projects during a call with analysts on Tuesday, calling the prospect of new construction almost impossible because of tight lending.
#years #competitors #remote-work #office-space #interest-rates #madison-square-garden #skyscrapers #redevelopment #federal-funding #penn-station
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