Vornado’s Roth Sees ‘Enormous’ Value in Urban Retail

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.

Read more