Bear market for Penn plan: Big troubles for Gov. Hochul and Vornado’s Midtown redevelopment

December 5, 2022

Steve Roth, CEO of Vornado Realty Trust, was telling the truth on his company’s earnings call Tuesday when he said that Gov. Hochul’s plan for a forest of new supertall towers around Penn Station, which she inherited from Gov. Cuomo, isn’t happening anytime soon: “The headwinds and the current environment are not at all conducive to ground-up development.”