Evercore ISI raises its price target on Vornado Realty Trust (VNO) to $43 and maintains an outperform rating
Evercore ISI has increased its price target for Vornado Realty Trust (VNO) to $43, while reiterating an outperform rating on the stock. This adjustment reflects the firm's positive outlook on the real estate investment trust.
Vornado Realty Trust REIT (VNO) Shares Rise as New York Office Leasing Volume Hits Decade High
Shares of Vornado Realty Trust (VNO) rose after reporting that Manhattan office leasing activity reached a decade high in Q4 2025, driven by strong demand in its Penn District portfolio. Despite missing FFO estimates due to higher interest expenses, the company saw increased revenue and occupancy, with management optimistic about a "landlord's market" for premium Class A assets. Challenges remain from rising interest rates and reliance on rent concessions, though the company maintains strong liquidity and strategic development projects.
Steven Roth looks to build up Vornado’s flailing stock price
Steven Roth, head of Vornado Realty Trust, is aggressively buying back company shares to counter its poor stock performance, despite his recent successes in new property acquisitions and developments. Vornado's stock has dropped significantly, and Roth believes it is "stupid cheap," representing a better investment than many other options. This strategy comes amid broader market concerns for office landlords and a high office vacancy rate in Manhattan, with Roth indicating a willingness to sell properties to fund further share repurchases.
Earnings call transcript: Vornado Realty Trust sees Q4 2025 EPS dip
Vornado Realty Trust reported a Q4 2025 EPS of $0.55, a decrease from $0.61 in Q4 2024, despite an increase in Manhattan office occupancy to 91.2%. The company's stock experienced a slight pre-market uptick, and it announced expectations for 2026 comparable FFO to align with 2025 levels, with significant earnings growth projected for 2027. Vornado is also undertaking major development projects, including 350 Park Avenue and 623 Fifth Avenue, and has been actively buying back shares.
Assessing Vornado Realty Trust (VNO) Valuation After Recent Share Price Weakness
Vornado Realty Trust (VNO) is currently drawing investor attention due to mixed short-term stock returns, with a 1-day decline of 0.90% and a 30-day decline of 10.20%, contrasting with a 3-year total shareholder return of 41.19%. Despite recent weaknesses, Simply Wall St assesses Vornado as 22.1% undervalued, with a fair value of $39.80 against its current price of $30.99, anticipating robust rent growth in Manhattan's premium office segment. This valuation, however, is subject to risks like weaker cash flow or execution issues on projects such as the Penn District.
Vornado Realty's Q4 FFO Misses Estimates, Revenues Decrease Y/Y
Vornado Realty Trust (VNO) reported its Q4 2025 FFO of 55 cents per share, missing the Zacks Consensus Estimate of 57 cents and decreasing 9.8% year over year. Despite the FFO miss, total revenues of $453.7 million surpassed estimates, though they marginally decreased from the prior year. The company saw varied performance across its portfolios, with increased same-store NOI in New York and THE MART, but a decrease for 555 California Street, and ended the quarter with a Zacks Rank #4 (Sell).
Vornado completes $525 million refinancing of One Park Avenue
Vornado Realty Trust has successfully completed a $525 million refinancing for its One Park Avenue property in Manhattan. This new interest-only loan, set at SOFR plus 1.78% and maturing in February 2031, replaces an older loan with a lower rate. The refinancing strengthens Vornado's liquidity as commercial real estate adapts to higher interest rates, with New York University leasing a significant portion of the building.
Earnings Flash (VNO) Vornado Realty Trust Reports Q4 Revenue $453.7M, vs. FactSet Est of $444.7M
Vornado Realty Trust (VNO) announced its fourth-quarter revenue reached $453.7 million, surpassing FactSet's estimate of $444.7 million. The report, published on February 9, 2026, highlights the company's financial performance. Vornado Realty Trust, a real estate investment trust, primarily focuses on premier office and high street retail properties in New York City.
Vornado Taps Newmark for Retail Leasing in Midtown’s Penn District
Vornado Realty Trust has appointed Newmark as the exclusive leasing agent for the retail transformation in its Penn District campus in Midtown Manhattan. This partnership aims to create a cohesive street-level retail experience along Seventh Avenue and will also involve the Moynihan Retail Corridor. This initiative is a core part of Vornado's $2.5-billion revitalization project for the Penn District.
Vornado Refinances Amazon-Leased Midtown Offices
Vornado Realty Trust's joint venture has completed a $250-million refinancing of 7 W. 34th St., a 477,000-square-foot Class A office building in Manhattan fully leased to Amazon. The new non-recourse, five-year loan has a fixed rate of 5.79% and allowed the JV to pay down $50 million of a prior $300-million loan. Vornado maintains management and leasing responsibilities for the property.
Vornado JV completes $250M refinancing of 7 West 34th Street
Vornado Realty Trust's 53% owned joint venture has successfully refinanced 7 West 34th Street, a 477,000 square foot Class A Manhattan office building fully leased by Amazon. The new non-recourse, five-year interest-only loan is for $250 million at a fixed rate of 5.79% and matures in February 2031. This refinancing paid down $50 million of the previous $300 million loan, which was fully recourse to Vornado and had a higher interest rate of 3.65% with a June maturity.
Alexander’s Announces Fourth Quarter Earnings Release Date and Vornado Realty Trust Quarterly Conference Call
Alexander's, Inc. (NYSE: ALX) announced it will file its annual report and issue its fourth quarter and full-year earnings release on February 9, 2026. Vornado Realty Trust, which manages Alexander's operations, will host a quarterly earnings conference call on February 10, 2026, where information concerning Alexander's may be discussed. Alexander's is a real estate investment trust with five properties in New York City.
Vornado Prices Public Offering of $500 Million of 7-Year Bonds
Vornado Realty Trust announced that its operating partnership, Vornado Realty L.P., has priced an offering of $500 million in 5.75% senior unsecured notes due February 1, 2033. The net proceeds of approximately $494 million will be used to repay existing unsecured notes due June 1, 2026, and for general corporate purposes. The offering is expected to close on January 14, 2026, subject to customary closing conditions.
How Vornado Is Expanding in Manhattan While Strengthening Liquidity
Vornado Realty Trust (VNO) has strategically acquired a development site in Manhattan's Plaza District for $141 million, leveraging an existing mortgage to reduce upfront costs. Concurrently, the company strengthened its financial position by extending over $2 billion in financing maturities, pushing dates out to 2029 and 2031 to enhance liquidity and reduce refinancing risk. These actions reflect a careful approach to portfolio growth and financial flexibility amidst evolving market conditions.
Vornado Acquires 3 East 54th Street, a Premier Plaza District Development Site
Vornado Realty Trust announced its acquisition of 3 East 54th Street in New York for $141 million. The company had previously acquired the mortgage on the property in 2024 and 2025, with the loan balance contributing to the purchase price. This site, zoned for significant buildable square footage, complements Vornado's existing holdings in the Plaza District and Park Avenue.
Vornado never reported any fraud to SEC, says former exec charged with fraud
A former Vornado Realty Trust executive, Jared Solomon, charged with embezzling millions, claims his former employer never disclosed the alleged fraud to the SEC, NYSE, or its auditors. Solomon argues this failure should prevent prosecutors from using "material fraud" claims in his trial, suggesting Vornado has filed false financial statements. Prosecutors, however, contend that Vornado's compliance with securities laws is irrelevant to whether Solomon committed the charged offenses.
Precision Trading with Vornado Realty Trust (VNO) Risk Zones
This article details precision trading strategies for Vornado Realty Trust (VNO) based on AI models from Stock Traders Daily. It highlights a neutral sentiment, a mid-channel oscillation pattern, and an exceptional short setup with a 33.6:1 risk-reward ratio. The analysis provides specific entry, target, and stop-loss zones for position, momentum breakout, and risk hedging strategies across multiple timeframes.
Vornado Realty Trust declares $.74 per share dividend By Investing.com
Vornado Realty Trust announced a quarterly dividend of $0.74 per common share, payable on December 29, 2025, to shareholders of record as of December 18, 2025. The company plans to maintain its current dividend distribution policy for 2026, paying a single common share dividend in the fourth quarter. This declaration follows Vornado's consistent shareholder return strategy despite market challenges and recent earnings fluctuations.
Vornado Realty Proposes Luxury Tower for Hotel Pennylvania Site
Vornado Realty Trust still plans to build a luxury office tower on the former Hotel Pennsylvania site, despite alternative proposals for a park or moving Madison Square Garden there. CEO Steven Roth confirmed serious discussions with a potential major tenant for the 1,000-foot-high tower, which would be part of a larger redevelopment of the Penn Station area. The project faces differing visions from local politicians and civic groups, as well as shifts in state leadership and funding for the Penn Station reconstruction.
Ladenburg Thalmann Initiates Vornado Realty Trust at Buy With $48 Price Target - MarketScreener
Ladenburg Thalmann initiated coverage on Vornado Realty Trust (VNO) with a Buy rating and a $48 price target. The article notes Vornado Realty Trust's stock performance and provides a company profile detailing its portfolio of premier office and high street retail properties in New York City. It also includes recent news, financial data, and analyst consensus for the company.
Why Are So Many Big Deal New York Restaurants Opening Near Penn Station?
The Penn Station area, once known mainly as a transportation hub with few dining options, is now transforming into a burgeoning hot spot for new and upscale restaurants. Developers are capitalizing on the dense population of commuters, tourists, and event-goers, turning the previously unappealing neighborhood into a sought-after dining destination. This shift is attracting major restaurant groups and changing the culinary landscape of the district.
Five Iron Golf Debuts Seventh NYC Location at Vornado
Five Iron Golf has opened its seventh and largest New York City location at Vornado Realty Trust’s 1290 Avenue of the Americas, a 20,000-square-foot facility combining golf performance with a new wellness center. This Midtown Manhattan location, opening just before Ryder Cup Week, features 14 Trackman simulators, a Zen Putting Green, PGA-certified coaching, and a wellness center with strength training and recovery options. The venue also offers duckpin bowling, Dartsee, a full-service restaurant, and event spaces, all enhanced by New York-inspired art.
Vornado Completes $218M Manhattan Tower Acquisition
Vornado Realty Trust has acquired 623 Fifth Ave., a 382,500-square-foot office tower in Manhattan, for $218 million from Cohen Brothers Realty. The company plans to reposition and redevelop the building into a boutique office space, with completion expected in 2027. This acquisition by Vornado, which owns several other properties in the area, contributes to Manhattan's surging office investment sales in 2025.
Vornado Plans To Spend $350M on Penn District Apartment Development
Vornado Realty Trust plans to invest $350 million in residential development within Manhattan's Penn District. This move signals a significant push into mixed-use real estate for the company, focusing on the area around Penn Station. The development aims to leverage the district's ongoing transformation and improve its value.
Vornado Eyes $350M Penn District Rental Tower
Vornado Realty Trust plans to construct a 475-unit rental tower in New York's Penn District, investing around $350 million. This move signifies a strategic shift for Vornado, traditionally an office-focused developer, towards residential properties, leveraging New York State's 485x program for affordable housing. The development aligns with CEO Steven Roth's vision to re-prioritize housing in the Penn District and comes as the company considers selling other major office assets.
Vornado reveals plans for apartment tower across from Madison Square Garden
Vornado Realty Trust has announced plans for a 475-unit rental building at West 34th Street and Eighth Avenue, across from Madison Square Garden, investing approximately $350 million. This project is part of Vornado's broader strategy to redevelop the Penn Station area, which has faced delays due to market conditions. The company intends to utilize the 485-x tax abatement program, requiring affordable housing units, to address the city's apartment shortage.
Vornado Realty Trust (VNO): Valuation in Focus After $218 Million Midtown Manhattan Office Acquisition
Vornado Realty Trust has acquired a $218 million office condominium at 623 Fifth Avenue in Midtown Manhattan, intending to redevelop it into a Class A boutique office property due to its 75% vacancy. Despite a 25% return over the past year, the company faces rising vacancies and a year-to-date dip, prompting questions about whether this strategic investment offers a genuine buying opportunity. A popular narrative suggests VNO is overvalued at $37.86, based on aggressive growth assumptions in the Manhattan premium office market, while another view posits it as attractively valued against global benchmarks.
Development black hole remains on West 57th Street
The section of West 57th Street between Fifth and Sixth avenues in Manhattan continues to be a stalled development area, contrasting sharply with the regenerative energy of the block to its west. Several large sites remain vacant, and storefronts are empty as landowners await ideal tenant commitments and construction financing. Upcoming projects, like Sedesco's supertall tower designed by Rem Koolhaas’ OMA studio, offer hope but currently lack filed construction plans.
Former Vornado exec charged with embezzling millions from REIT
Jared Solomon, a former vice president at Vornado Realty Trust, has been charged with wire fraud and aggravated identity theft for allegedly embezzling millions of dollars from the company between 2009 and 2023. Prosecutors claim the restitution sought could exceed $9.5 million, with Solomon facing up to 20 years in prison if found guilty. Solomon initially pleaded not guilty but later planned a guilty plea, though he subsequently switched attorneys, causing a delay in the proceedings.
In the News: Refinancing Independence Plaza
Vornado Realty Trust and Stellar Management have refinanced a $675 million loan on Independence Plaza, while the cost to develop a proposed tower there continues to rise. The property's appraisal has dropped, partly due to a significant portion of its apartments having regulated or subsidized rents. The article also touches on other local news, including the move of "Let There Be Neon" and a new Bronx detention center.
Vornado JV Closes on $675M Refi for Luxury Manhattan Community
Vornado Realty Trust and Stellar Management have successfully refinanced Independence Plaza, a 1,328-unit luxury residential property in Manhattan's Tribeca submarket, with a new $675 million CMBS loan. The five-year financing replaces a 2018 loan and comes despite an 11 percent drop in the property's value since then, partly due to challenges with rent-regulated units. The joint venture also plans a significant expansion of the property with a 940-foot tower, though this project is currently on hold due to new zoning regulations.
Trump-owned office tower in downtown San Francisco to lose pair of longtime tenants
Two long-term law firm tenants, Fenwick & West and Sidley Austin LLP, are vacating significant space in the Trump Organization and Vornado Realty Trust-owned Bank of America Tower in San Francisco, potentially pushing its vacancy rate to a two-decade high. Fenwick & West is downsizing its footprint, while Sidley Austin plans to maintain its current size, both relocating to other downtown San Francisco properties. This move reflects the broader "flight-to-quality" trend in the San Francisco office market, where newer or renovated buildings are attracting tenants amidst high vacancy rates and a slow recovery from the pandemic's impact on the tech industry.
Here are Universal Music Group’s plans for its new New York City office at Penn District
Universal Music Group is relocating its New York City office to Penn 2, occupying floors four through seven. This move will provide a new, state-of-the-art home base for several iconic record labels near a famous Manhattan venue.
220 Central Park three-bedroom trades for $36.5M, a 36% profit
A three-bedroom condo at Vornado's 220 Central Park South has sold for $36.5 million, representing a 36% profit for the seller. The buyer was cybersecurity mogul Daniel Nutkis. This sale highlights the continued strength of resales at the Billionaires Row tower, despite a less reliable overall luxury market.
This Week's N.Y. Deal Sheet: Vornado Signs NYU To $1.6B Lease (May 6, 2025)
New York University has signed a significant master-lease agreement with Vornado Realty Trust for the 770 Broadway office building, valued at nearly $1.6 billion. The university plans to consolidate faculty and research, with a focus on disease research and innovation in AI, biotechnology, and quantum information sciences, converting vacant floors into scientific facilities. The article also details other top leases, financing deals, and property sales in the New York real estate market for the week.
Vornado to boost cash by $425M from Times Square financing deal
Vornado Realty Trust secured a $450 million loan against its previously debt-free Times Square property at 1535 Broadway, which includes retail space, the Marquis Theater, and a billboard. This financing deal will provide Vornado with $425 million in cash after closing costs, significantly boosting its cash reserves by 40%. The move comes as the company faces a slowing economy, declining stock price, and reduced rental income, prompting it to focus on retaining cash amidst market turmoil.
News | Vornado catches break with less-than-expected ground rent for Penn 1 tower
Vornado Realty Trust will pay a lower-than-projected annual ground rent of $15 million for its Penn 1 redevelopment, a significant reduction from the $26 million it had anticipated. This decision, made by an arbitration panel, is considered a positive outcome for Vornado and its shareholders, with analysts attributing it to the current challenging macro backdrop for large-scale real estate projects. A pending lawsuit could potentially raise the rent to $20.22 million retroactively.
Old Navy flagship in Vornado’s Herald Square building to close this summer, replaced by Primark
Old Navy's Herald Square flagship store, located at 150 W. 34th St., is set to close this summer after 25 years, resulting in 95 layoffs. The space will be taken over by Irish multinational retailer Primark in March 2026, marking its first Manhattan location. Vornado Realty Trust, the building's owner, purchased the property in 2015.
News | Vornado expects its Manhattan office leasing to rise to highest level since 2014
Vornado Realty Trust anticipates its Manhattan office leasing to reach the highest level since 2014, driven by a major lease with New York University at 770 Broadway and an all-time high average starting rent. This trend reflects a "flight-to-quality" in the Class A office market, with tightening supply and strong demand in specific areas like Park Avenue and the Penn District. Despite a decline in third-quarter funds from operations due to higher interest expenses, Vornado is optimistic about the recovery of Manhattan's office market, particularly for its top-tier properties.
Vornado Realty Trust Welcomes Five Iron Golf To 1290 Avenue Of The Americas
Vornado Realty Trust announced a new lease with Five Iron Golf for a 15,300 square foot location at 1290 Avenue of the Americas in Midtown Manhattan. Five Iron Golf will serve as a key amenity, offering golf simulators, instruction, and a social atmosphere for tenants and the local community, set to open in late 2025. This addition aims to enhance the building's amenity program and contribute to the area's vibrant offerings.
Developer of 220 Central Park South, home of the priciest residence ever sold in the US, looks to sell his Hamptons retreat
Steve Roth, CEO and co-founder of Vornado Realty Trust, is listing his Hamptons home for $19.5 million. Roth is known for developing 220 Central Park South, which holds the record for the priciest residence ever sold in the US. The 5,300-square-foot East Hampton property features four bedrooms, five bathrooms, a guest studio, and a pool, set on 1.35 acres.
Vornado Realty Trust Unveils Plaza33, A New Pedestrian Plaza In Midtown, Manhattan
Vornado Realty Trust has completed Plaza33, a new permanent pedestrian plaza in Midtown, Manhattan, developed in partnership with the NYC Department of Transportation. The plaza, located at 33rd Street and Seventh Avenue, features trees, landscaping, benches, and food offerings, aiming to beautify the neighborhood and enhance connectivity. This project is a central part of Vornado's $2.7 billion investment in the PENN District, which also includes significant public realm improvements and office renovations.
Grand Opening: Vornado Realty Trust and Local Officials Cut the Ribbon on Plaza33, a Dynamic New Public Space in the Heart of THE PENN DISTRICT
Vornado Realty Trust and local officials celebrated the grand opening of Plaza33, a new pedestrian plaza in THE PENN DISTRICT. This project, a public-private partnership, transformed 33rd Street into a vibrant public space with greenery, seating, and new food and beverage offerings. Plaza33 is part of Vornado's $2.7 billion investment in THE PENN DISTRICT, aiming to enhance the neighborhood's accessibility, beautification, and connection to transit and amenities.
Vornado Bucks the Office Space Slump, Unveils Plans for New 62-story UES Tower
Vornado, New York City's second-largest real estate developer, has unveiled plans for a 62-story office tower on Park Avenue despite the city's slumping office market. The project, designed by Foster + Partners and anchored by Citadel and Citadel Securities, is slated for completion in 2032 if it clears public review. This initiative marks a reversal for Vornado, which previously delayed other major projects, now betting on new upscale buildings to attract elite tenants and signaling a potential recovery for the struggling office sector.
Vornado Realty Trust ‘Hyper-Focused’ on Tenant Experience
Vornado Realty Trust (NYSE: VNO) was a co-winner of Nareit’s 2023 Leader in the Light Award for the diversified sector, reflecting its decade-long focus on integrating sustainability into its corporate strategy. According to Lauren Moss, Vornado's Senior VP and Chief Sustainability Officer, the company prioritizing an exceptional tenant experience, ensuring buildings are efficient, safe, and resilient. A key aspect of their sustainability program is a "hyper-focus on the tenant experience," which includes amenities like gyms and restaurants, as well as helping tenants achieve their own sustainability goals, with a continued emphasis on community in 2024.
Fridays in the office are “dead forever” according to one of New York’s biggest office landlords
Steven Roth, chairman of Vornado Realty Trust, one of New York’s largest commercial landlords, states that in-office Fridays are "dead forever" and Mondays are also unreliable due to hybrid work models. Despite investing $1.2 billion in office overhauls, Roth is focusing on making commutes easier and offices more appealing. Major tech companies like Google, Meta, Apple, Disney, and Amazon are mandating three days a week in the office, but a significant portion of the workforce desires continued flexibility.
New York Landlord Vornado Bets $1 Billion That More Commuters Will Return - WSJ
Vornado Realty Trust is investing $1.2 billion to renovate two office buildings near Manhattan's Penn Station, anticipating a return of commuters. The real-estate investor aims to make the commute a selling point, highlighting the easy access to the transit hub from various surrounding areas. This move is a bet that convenient travel will entice workers back to offices despite the common aversion to commuting.
Vornado Realty Trust’s Dividend Suspension Says A Lot About New York’s Struggles
Vornado Realty Trust's decision to suspend its dividend, leading to an initial stock dip followed by a recovery, highlights the differing priorities of income-focused and total-return-focused investors in REITs. The article argues that this suspension reflects the struggles of specific real estate sectors like Manhattan office space, rather than a broader economic crisis, and is seen by savvy investors as a strategic move to protect long-term returns. The author contrasts the weaker performance of office REITs and locations like New York with the stronger performance of sectors like data centers and apartments in growth cities.
Vornado sells two SoHo retail properties for $23.5M
Vornado Realty Trust has sold two mixed-use SoHo buildings for $23.5 million to a group of unnamed investors operating as Portfolio4 LLC. The properties at 484-486 Broadway include retail space occupied by Madewell and J. Crew, office space, and apartments. This divestment aligns with Vornado's more conservative strategy amidst economic headwinds, including a delayed Penn Station redevelopment and a planned dividend cut.
Dramatic changes coming to office, retail and open space around Penn Station
Vornado Realty Trust is redeveloping the Penn Plaza area, now called The PENN District, introducing significant changes to office, retail, and transportation spaces around Penn Station and Madison Square Garden. The project includes new construction and renovations, featuring outdoor office environments at buildings like PENN 2, and transforming 33rd Street into a public park. FOX 5 News received an exclusive first look at the progress of this massive, years-long endeavor.
