He also said that any agreement to move Madison Square Garden a block over within the Farley Post Office/Moynihan Station redevelopment is "a long way from being done." Macnow noted that the process involved for the firm's joint venture effort with the Related Cos. is "protracted" due to the regulatory approvals and that Vornado does not anticipate any FFO until after 2007, at the earliest.
Macnow also said the firm is exploring opportunities in India. "We placed $16 million in a $100-million fund. That's almost petty cash for Vornado. We're testing the waters. We're very impressed, but far from committed to India."
When it comes to the New York City office market, Macnow admitted that Vornado made some mistakes. He says the firm didn't capitalize on opportunities by purchasing properties three or four years ago at market prices. "We were wrong. We'd be a lot richer today."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
