Latest news with #VornadoRealtyTrust
New York Times
5 days ago
- Business
- New York Times
The Business Interests Bankrolling Andrew Cuomo's Run for Mayor
A quarter-million dollars came from the head of Suffolk Construction, a Boston-based builder betting big on a New York City expansion. Another $150,000 arrived from the chairman of Vornado Realty Trust, who is searching for a way to revive a stalled Midtown Manhattan redevelopment so important that he once called it his 'promised land.' DoorDash, the food delivery service lobbying City Hall on regulations that could disrupt its business model, chipped in a staggering $1 million. The donations make up just a fraction of the checks from New York business leaders, billionaires and special interest groups pouring into a super PAC boosting Andrew M. Cuomo, the favorite in the Democratic primary for mayor on June 24. With $10 million raised so far, the super PAC, Fix the City, is already the single largest outside spending force in New York City's political history, surpassing a record set in 2021. It has spent multiples more on ads than any campaign in the race, blanketing New Yorkers' screens in paeans to the former governor. The next biggest candidate super PAC, set up to back Assemblyman Zohran Mamdani, a democratic socialist who is second in recent polls, has 1/50th of the funds. Want all of The Times? Subscribe.
Yahoo
15-05-2025
- Business
- Yahoo
Should You Invest in Vornado Realty Trust (VNO)?
Baron Funds, an investment management company, released its 'Baron Real Estate Fund' first quarter 2025 investor letter. A copy of the letter can be downloaded here. In Q1 2025, stocks were sold due to economic growth slowdown, inflation, and policymaking issues, including Baron Real Estate Fund®, without considering value. The fund declined 6.69% (Institutional Shares) in the quarter compared to a 3.11% decline for the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index) and a 0.76% gain for the MSCI US REIT Index (the REIT Index). In addition, please check the fund's top five holdings to know its best picks in 2025. In its first-quarter 2025 investor letter, Baron Real Estate Fund highlighted stocks such as Vornado Realty Trust (NYSE:VNO). Vornado Realty Trust (NYSE:VNO) is a fully integrated equity real estate investment trust. The one-month return of Vornado Realty Trust (NYSE:VNO) was 13.42%, and its shares gained 57.82% of their value over the last 52 weeks. On May 14, 2025, Vornado Realty Trust (NYSE:VNO) stock closed at $39.14 per share with a market capitalization of $8.168 billion. Baron Real Estate Fund stated the following regarding Vornado Realty Trust (NYSE:VNO) in its Q1 2025 investor letter: "Vornado Realty Trust (NYSE:VNO) owns a portfolio of premier office and street retail properties largely concentrated in New York City. An aerial view of a New York city skyline, showing the expansive real estate projects of the company. Vornado Realty Trust (NYSE:VNO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Vornado Realty Trust (NYSE:VNO) at the end of the fourth quarter which was 23 in the previous quarter. While we acknowledge the potential of Vornado Realty Trust (NYSE:VNO) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the undervalued AI stock set for massive gains. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
14-05-2025
- Business
- Yahoo
Vornado JV to Sell 512 West 22nd Street for $205 Million
NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 55% owned joint venture has entered into an agreement to sell 512 West 22nd Street, a 173,000 square foot Class A office building, for $205 million. The sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions. A portion of the proceeds will be used by the joint venture to repay the $123.6 million mortgage loan encumbering the property. Vornado Realty Trust is a fully-integrated equity real estate investment trust. CONTACT Thomas J. Sanelli(212) 894-7000 Certain statements contained herein may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see 'Risk Factors' in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
San Francisco Chronicle
24-04-2025
- Business
- San Francisco Chronicle
Wharton School of Business considering a relocation of its S.F. campus
The Wharton School of Business is contemplating trading in its views of the San Francisco waterfront for a new, standalone campus in the city's Financial District. Multiple real estate market participants have confirmed to the Chronicle that Wharton, which is the University of Pennsylvania's business school, has 'outgrown' the 35,000 square feet it leases at 2 Harrison St. that have served as its West Coast campus for more than a decade. Also known as Hills Plaza, the massive, two-building office complex spans a whole city block along the Embarcadero and is anchored by Google, which recently grew its footprint at the property. The sources said that Wharton faces an expiring lease next fall and has been on the hunt for a larger space downtown. It is now closing in on a five-story modernist building at 345 Montgomery St. that's known as 'the Cube.' The deal is not final, but negotiations are reportedly progressing. A spokesperson for Wharton neither confirmed nor denied plans to relocate the university's campus when contacted for comment, and also declined to comment on a potential deal involving the Cube. 'Wharton has operated a campus in San Francisco for more than two decades, allowing us to educate thousands of students and engage countless alumni and industry supporters,' the spokesperson told the Chronicle in a statement. 'The Bay Area's innovative ecosystem is of immense benefit to Wharton and serves as an invaluable platform for our impact in the region and beyond.' But, the spokesperson added: 'We are continually looking for ways to increase our reach and access in the city.' The Cube totals about 80,000 square feet, which includes two basement levels and an atrium. Whether Wharton would lease the entire building is not confirmed, though real estate insiders have described Wharton's potential relocation to the building, which sits on the corner of Montgomery and California streets, as an expansion. The Institute of Contemporary Art San Francisco, or ICA SF, moved into the Cube last year, taking up roughly 26,000-square-feet of the building's ground floor and basement level, free of charge. The building's owner, New York-based Vornado Realty Trust, offered the nonprofit museum, which is a newcomer to San Francisco's art scene and does not charge admission, a free two year lease agreement in an effort to activate the Cube's groundfloor and lure office tenants to the larger 555 California St. office complex, which the Cube is a part of. Also known as the Bank of America Tower, the 555 California skyscraper stands 52 stories tall. Along with the Cube and another 16-story building at 315 Montgomery, the complex consists of 1.8 million square feet of office space and is co-owned by New York-based Vornado Realty Trust and the Trump Organization, which owns a 30% stake in the property. Likely a coincidence, President Donald Trump is a Wharton alumni. Edward Riguiardi, Vornado's New York-based vice president of leasing, neither confirmed nor denied whether Wharton is engaged in lease negotiations with the Cube, but did describe the art museum as 'temporary installation.' He said that ownership is 'marketing the building for long term users.' Wharton has had a presence in San Francisco for nearly 25 years, and has been located at 2 Harrison for the past 14 years. During that time, it has offered an MBA program for Executives to cohorts of up to 220 students. But, starting this fall, Wharton will begin offering an AI for Business MBA major to all of its full-time MBA students, including those participating in the university's Semester in San Francisco program. The AI major will also become available to all Executive MBA students next fall.
Forbes
08-04-2025
- Business
- Forbes
Here's How Much The Tariff War Has Cost Trump So Far
It has been a disorienting week for investors as Donald Trump works to reshape the world's economy, wiping out trillions of dollars in the process. Donald Trump fired the first shots in a global trade war last week, inflicting damage on all sorts of people—including himself. On April 2, the day Trump rolled out his plan for sweeping tariffs, Forbes pegged his net worth at $4.7 billion. Less than a week later, it's down to an estimated $4.2 billion, as the value of his public stock and private holdings fall in tandem with the broader market. Trump's biggest loss comes from his most valuable asset, the Trump Media and Technology Group, which declined 8% over the last three trading days, hitting its lowest price since October. His stake, worth $2.2 billion Wednesday, now sits at $2 billion. The roughly $170 million hit represents only the beginning of his problems. Trump's commercial real estate holdings have fallen an estimated $90 million, assuming they've experienced similar haircuts as publicly traded commercial property companies. Shares of Vornado Realty Trust—the firm that partners with Trump in two of his most valuable buildings, 1290 Avenue of the Americas in New York and 555 California Street in San Francisco—dropped 14% from the time of Trump's announcement to the end of the day Monday. The stock price of another big New York City real estate firm, SL Green, fell 15%. Trump's portfolio, including the Vornado properties, Trump Tower and 40 Wall Street, is now worth an estimated $570 million, down from $660 million last week. Golf properties are losing value, too. Many of the balls, clubs and shirts in pro shops come from overseas. The real threat to Trump's portfolio, however, is the possibility of belt tightening. Club members might cut back on weddings, lavish dining or even memberships. 'If you hit a recession, your wife looks over at you and says 'What the [heck] are we doing with this expensive club membership?'' explains one industry insider. There are no publicly traded companies quite like Trump's collection of golf clubs, but the closest comparables point to trouble. Shares of highly priced leisure businesses, such as Vail Resorts and Soho House, are down more than 15% since Wednesday. Topgolf Callaway Brands, which manufactures clubs and runs golf venues, is down 15%, as well. A similar decline at Trump's golf courses would shave another $70 million off his net worth. Hospitality assets aren't positioned any better. Trump's biggest is Trump National Doral, a 643-room resort in Miami, where Saudi-connected LIV Golf just held an event, with Trump showing up shortly after announcing his tariff plans. White House spokesperson Taylor Rogers says the president remains focused on the country, not his business. 'President Trump implemented tariffs on countries that have been ripping us off for years to ensure Americans are better off for generations to come,' she said in a statement. 'The president's assets are in a trust managed by his children while he is working overtime to lead the country to economic prosperity.' In addition to Doral, Trump continues to own hundreds of hotel-condo units in towers in Chicago and Las Vegas. If the value of Trump's holdings fell by, say, 16%, he would have lost another $65 million. His much-smaller licensing-and-management business might have shed another $15 million on top of that. Residential real estate also declined dramatically, with shares of four publicly traded apartment holders down an average of 13%. Trump owns dozens of units inside buildings he developed years ago. Trim that portfolio, and his net worth falls another $20 million or so. His most protected assets might be his many trophies, like the penthouse atop Trump Tower and Mar-a-Lago. Dana Koch, a luxury agent in Palm Beach, says those sorts of assets operate in a different atmosphere than publicly traded stocks. 'This is even more finite and more scarce,' he says. Nudge the trophies down by, say, 5%, or half the decline of the broader market, and Trump is out another $32 million. Cash typically provides respite in times like these. According to Trump's latest financial disclosure report, he holds a portfolio of diversified bonds and a smattering of equity positions, including a $5 to $25 million stake in private-credit firm Blue Owl Capital, down 22% since Wednesday. After filing that disclosure in August, Trump received two massive windfalls via cryptocurrency ventures. First came World Liberty Financial, a project that promised a 'financial revolution' and funneled nearly $400 million to the president and his family. Then came sales of the $TRUMP coin, which probably supplied at least another $175 million before taxes. The issue for the president is that he may have stored some of those proceeds in cryptocurrencies, notoriously fickle assets. First son Eric Trump publicly touted Ether in February, telling his Twitter followers it was 'a great time to add $ETH.' The currency is down 45% since then, including an 18% drop in the wake of Donald Trump's tariff announcement. If the president's estimated post-tax windfall of $350 million fell by even half as much as Ether, he would be out another $32 million. Add all it up, and Trump's losses from privately held assets appear to outweigh those from his publicly traded stock. The greatest threat to Trump is not direct tariffs on products he imports, given that his businesses don't sell much in the way of hard goods. It's the loss of investor confidence around the world. People rely on whims, not logic, when deciding whether to buy or ditch luxury real estate, pricy club memberships and high-flying meme stocks. The more uncertainty Trump injects into the global economy, the farther his net worth will tumble.
