After getting some time to review the 4th quarter results of Vornado I came across this paragraph in the document:
DEVELOPMENT AND REDEVELOPMENT PROJECTS
We are evaluating various development and redevelopment opportunities which we estimate could require as much as $1.5 billion
to be expended over the next five years. These opportunities include:
• demolition of a 372,000 square foot office building in Crystal City, to construct a 700,000 square foot office building;
• renovation of the Hotel Pennsylvania;
• construction of a luxury residential condominium at 220 Central Park South, adjacent to Central Park;
• re-tenanting and repositioning of 330 West 34th Street;
• re-tenanting and repositioning of 280 Park Avenue;
• complete renovation of the 1.4 million square foot Springfield Mall; and
• re-tenanting and repositioning a number of our strip shopping centers.
We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan, Rosslyn,
Pentagon City and Crystal City, for which plans, budgeted costs and financings have yet to be determined.
What I didn't see was the proposed office town "15 Penn Plaza" but did see the renovation of the Hotel Pennsylvania. Could this be a sign that Vornado has come to their senses?
Monday, February 27, 2012
Vornado published a revised financial earnings report with the SEC today. According to the document The Hotel Pennsylvania earned 11.753 Million in the 4th quarter of 2011, and a total of 30.135 Million for the year. This is up 6.372 Million from last years year end results (23.763 Million) and up from the previous quarter earnings of 9.773 Million. Still not a bad profit for them, with luck they can keep the streak alive.