The Real Deal New York

From the archives: ‘Vornado Tornado’ gets ready to land

Steven Roth builds up war chest and prepares to go shopping
By Adam Piore | January 10, 2015 01:00PM

“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. Click here to read the full story from our October 2009 issue.