Vornado Appoints Newmark as Exclusive Leasing Agent
Vornado Realty Trust (VNO) has named Newmark (NMRK) as the exclusive leasing agent for the next stage in its retail transformation in THE PENN DISTRICT on Manhattan's new West Side. Vornado has tapped the Newmark retail team overseen by Chairman of Global Retail Mark Masinter, who will work closely with Newmark's Retail Vice Chairman Karen Bellantoni, Jackie Totolo, Pierce Thompson, and Nick Masinter. Vornado is now in the initial stages of creating a cohesive street-level retail experience along both sides of Seventh Avenue between 33rd and 34th Streets. Working with Newmark, Vornado will develop this corridor to complement its existing anchors, Macy's and Primark's 78,000 sf flagship store set to open this coming Spring. Newmark will also work with Vornado on its Moynihan Retail Corridor, which serves as the central spine of the Moynihan Train Hall.
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- Earnings Announcement Schedule: Vornado Realty Trust is set to announce its Q4 2023 earnings on February 9 after market close, with consensus EPS estimates at $0.57, reflecting a 6.6% year-over-year decline, indicating potential profitability challenges.
- Revenue Decline Expectations: The anticipated revenue for Q4 is $440.23 million, down 3.8% year-over-year, which highlights weak market demand and economic uncertainty that could negatively impact the company's future cash flow.
- Estimate Revision Dynamics: Over the past three months, EPS estimates have seen no upward revisions and two downward adjustments, while revenue estimates experienced one upward revision and two downward adjustments, suggesting a decrease in analyst confidence regarding the company's future performance.
- Bond Offering Details: Vornado recently raised $500 million through a 7-year bond offering at J.P. Morgan, aiming to capitalize on the recent pullback in share prices and the company's strong fundamentals to enhance liquidity for future investments.
- Retail Transformation Partnership: Newmark has been appointed by Vornado Realty Trust as the exclusive leasing agent for the retail transformation of THE PENN DISTRICT, marking a significant collaboration in a $2.5 billion redevelopment project that is expected to enhance the area's commercial vitality and appeal.
- Project Scale and Impact: Over the past decade, Vornado has redeveloped more than 5 million square feet of Class A office space and added 1.1 million square feet of retail space, attracting over 70 food and beverage retailers, significantly improving the commercial environment and consumer experience in the region.
- Infrastructure Improvements: Vornado has also expanded and redeveloped the Long Island Rail Road concourse, which now features a diverse mix of dining and retail options, further enhancing the area's accessibility and commercial attractiveness.
- Future Development Plans: Newmark will collaborate with Vornado to develop a cohesive retail experience along Seventh Avenue, expected to complement Macy's and Primark's flagship store, positioning THE PENN DISTRICT as a new commercial hotspot in New York City.

- Exclusive Leasing Agent: Newmark Group has been appointed by Vornado Realty Trust as the exclusive leasing agent for the retail transformation of THE PENN DISTRICT, indicating a significant expansion in the commercial real estate sector and expected to enhance market share.
- Retail Space Revitalization: Over the past decade, Vornado has redeveloped more than 5 million square feet of Class A office space and added 1.1 million square feet of retail space, attracting over 70 food and beverage vendors, which enhances regional appeal and commercial vitality.
- Strategic Collaboration: Newmark's retail team will closely collaborate with Vornado to develop the street-level retail experience between 33rd and 34th Streets, which is expected to strengthen the area's commercial ecosystem and further drive consumer traffic.
- Vision for Regional Development: Vornado aims to transform THE PENN DISTRICT into a vibrant 24/7 community, and Newmark's involvement will inject new energy into the retail environment, driving future business growth.
- New Tax Initiatives: The new mayor of New York City is focused on increasing taxes for the wealthiest residents.
- Impact on Real Estate: This tax strategy is causing pressure on stocks of real estate investment trusts, particularly those operating in the New York market.
- Annual Report Filing: Alexander's, Inc. (NYSE: ALX) will file its annual report for the year ended December 31, 2025, on February 9, 2026, before the NYSE opens, enhancing financial transparency for stakeholders.
- Earnings Call Announcement: Vornado Realty Trust (NYSE: VNO), which manages Alexander's operations, will host a quarterly earnings conference call on February 10, 2026, at 10:00 a.m. ET, expected to discuss Alexander's operational performance, boosting investor confidence.
- Webcast Availability: The earnings call will be accessible via a live webcast on Vornado's Investor Relations website, providing investors with convenient access to information and enhancing engagement between the company and its stakeholders.
- Forward-Looking Statement Caution: The company warns that future performance may be influenced by various factors, including interest rate fluctuations and inflation, urging investors to consider potential risks in their decision-making processes.
- Relocation Plans: Société Générale is considering relocating its New York headquarters from 245 Park Ave., scouting approximately 500,000 square feet of office space to accommodate future business needs and expansion.
- Potential New Locations: Media reports suggest that possible new office sites include Vornado Realty's 15 Penn Plaza, 175 Park Ave., and Hudson Boulevard, all situated in Manhattan's prime area, which could enhance the company's market presence.
- Lease Expiration: The bank's current lease at 245 Park Ave. expires in 2032, prompting early planning for new office space to ensure business continuity and flexibility.
- Market Dynamics: Recently, major financial firms like JPMorgan Chase and Moody's have also been actively seeking new office locations in Manhattan, indicating strong demand for premium office space in the financial sector, and Société Générale's relocation plans may further stimulate activity in the local real estate market.










