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Vornado's Roth Sees ‘The Bubble on the Horizon'

NEW YORK CITY-In an annual letter to investors, Vornado Realty Trust Chairman Steven Roth says the firm, which owns in excess of 100 million square feet of real estate in the Unite States, will sell more properties than it acquires this year.

By John Jordan | Updated on April 15, 2013

NEW YORK CITY-In an annual letter to investors, Vornado Realty Trust Chairman Steven Roth says the firm, which owns in excess of 100 million square feet of real estate in the Unite States, will sell more properties than it acquires this year.

“I can see the bubble on the horizon; the fat lady entering the building,” Roth wrote in his annual letter to investors, filed with the U.S. Securities and Exchange Commission on Friday according to Bloomberg News. “My belly tells me that prices are now higher than future prospects and therefore, we will buy carefully and likely sell more than we buy.”

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