'Vornado Tornado' gets ready to land
Despite sliding profits, Steven Roth builds up war chest and prepares to go shoppingOctober 02, 2009 11:00AM By Adam Piore
From the October issue: Stupid, stupid, stupid cheap." That's
how low prices have to fall before the commercial real estate market
hits bottom, Steven Roth, the chairman of Vornado Realty Trust,
predicted earlier this year. In a letter to shareholders in April, the
square-jawed mogul confided, "I think we are now at the third and last
stupid. Not that he's buying yet. But in recent months, the 67-year-old
real estate titan, along with CEO Michael Fascitelli, the other half of
the so-called "Vornado Tornado," has been building a war chest to go
shopping. And when Vornado gets ready to shop, there's good reason to
pay attention.
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