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Vornado’s Roth Sees ‘Enormous’ Value in Urban Retail
March 11, 2015
For years, Vornado Realty Trust chief executive Steven Roth has touted his millions of square feet of property around Manhattan’s Pennsylvania Station as a diamond in the rough – a neighborhood that has far more potential and value than anyone realizes.
But ask him what is the most undervalued asset in his company’s sprawling portfolio, and he gives a different response: Vornado’s urban retail.
“This is just one man’s opinion that the market underestimates the value of that retail buy at an enormous number, double-digit number,” Mr. Roth said at a Citigroup Inc. investor conference last week, according to a transcript.