Vornado Realty Trust EVP - Head Of Retail Sold Shares Worth Over $3M

Vornado Realty Trust (VNO) has partnered with Rudin Management and a Kenneth C. Griffin affiliate to develop a 1.9M sq ft office tower at 350 Park Avenue. VNO's share price is $37.88, down 4.63% in the past month but up 15.84% over 90 days. Analysts' consensus price target is $36.08, with estimates ranging from $28.0 to $45.0. A DCF model suggests a fair value of $53.08, indicating a 28.6% undervaluation.

Citadel and Vornado are finalizing a $3.3B loan for 350 Park Avenue, a $4.5B project Citadel will anchor. Despite public feud with NYC Mayor Mamdani, Citadel remains committed. The tower, designed by Foster + Partners, will create thousands of jobs. Vornado is the lead partner and will handle the redevelopment.

Bisnow, citing a Morningstar Credit alert, reported that a $396M CMBS loan tied to Vornado Realty Trust and Related Cos.’ 85 Tenth Ave. Chelsea office (635K SF, anchored by Google) was moved to special servicing due to concerns of imminent default. Occupancy is about 89.9%, but 2025 cash flow was 28% below 2016 projections, with a December maturity and refinancing pressure.

Vornado Realty Trust (NYSE: VNO) agreed with Rudin Management and an affiliate of Kenneth Griffin’s Citadel to form a joint venture to develop a 1.9 million sq ft office tower at 350 Park Avenue, New York. Citadel Enterprise Americas will sign a 15-year, 1.05 million sq ft anchor lease. The JV is 60% KG, 36% VNO, 4% Rudin, with a ~$6.2B budget and ~$3.3B construction loan, expected to close in Q3 2026.

Vornado Realty Trust (NYSE:VNO) reported Q2 call highlights. President Michael Franco said New York office occupancy rose 60 bps to 92.2% and expects it to exceed 93% by year-end. Management expects 2026 comparable FFO to top 2025 and discussed lease commencements at PENN 1/2 and 350 Park Avenue. VNO ended with $2B liquidity and repurchased 1.8M shares at $29.92.

Vornado Realty Trust said on its Q2 2026 earnings call it could set initial asking rents of up to $350 per square foot for 350 Park Avenue, a 1.85 million sq ft office development. Chairman Steven Roth attributed the high rent to limited new supply and construction costs. Vornado reported Q2 net income of $16.4M, FFO $144M, revenue $462.2M, and 90.8% portfolio occupancy.