The Real Deal New York

Vornado 1Q profits slide by nearly 70 percent

alternate textVornado CEO Steven Roth and Vornado’s 1290 Sixth Avenue

Profits for real estate investment trust Vornado fell by two-thirds in the first quarter of 2009 compared with the same period last year, despite a modest rise in revenues.

The Paramus, NJ-based company said net income fell to $125.8 million in the first quarter, a 67 percent drop from $389.6 million reported in the first quarter of 2008.

During the same three-month period, revenues rose by 5 percent to $682 million in 2009 versus $649 in 2008.

Vornado owns 28 office properties in New York City with a total of 16.1 million square feet, most of it in Midtown. TRD

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