Vornado could make $1B on Garden move

June 08, 2006 12:00AM

Vornado Realty Trust stands to make $1 billion in profits from the proposed move of Madison Square Garden and the remaking of Penn Station, according to its chairman. Steven Roth told investors Wednesday that the plans would generate $1.2 billion in value creation from higher rents Vornado would command on almost 7 million square feet of nearby property. more [Sun]

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