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Vornado Realty Trust history
Vornado Realty Trust company history timeline
Roth, through Interstate Properties, entered the Manhattan real-estate market in 1985 by buying a small stake in Alexander's, a failing retailer whose land holdings included its flagship store, occupying the entire block between East 58th and 59th streets and Lexington and Third avenues.
Interstate and developer Donald Trump raised their respective shares of Alexander's to 22 percent each in 1987 and agreed to expand or sell their interests in the firm jointly.
In 1988 they each raised their stakes to 27 percent.
In 1989 Vornado had net income of $10.4 million on sales of $81.6 million.
The agreement lapsed in 1991, when Trump turned over his holdings in Alexander's to Citicorp, which had been holding them as collateral for a personal loan.
Alexander's emerged from bankruptcy in 1993, but as a real-estate investment trust (REIT). Two years later Vornado, which already held a small portion of the retailer, bought Citicorp's share for $54.8 million&mdashout 25 percent under market value.
Bradlees held 17 leases from Vornado at the end of 1996.
Vornado had record income from continuing operations of $61.4 million in 1996 on record revenues of $116.9 million.
Silverstein’s bid for the lease to the World Trade Center was accepted on July 24, 2001.
On May 14, 2009, Vornado issued a press release announcing that the board had voted to replace Roth with Fascitelli as CEO of the company.
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Vornado Realty Trust competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| MTGE Investment Corp. | 2011 | $158.8M | 7 | - |
| Real Estate Board of New York | 1896 | $50.0M | 166 | - |
| Kushner | 1985 | $180.0M | 650 | 1 |
| Invitation Homes | 2012 | $2.6B | 1,149 | 52 |
| LeFrak | 1901 | $89.7M | 287 | 41 |
| Urban Edge Properties | 2015 | $445.0M | 116 | - |
| Regency Centers | 1963 | $1.5B | 450 | 9 |
| Federal Realty Investment Trust | 1962 | $1.2B | 313 | 14 |
| Taubman | 1950 | $661.1M | 420 | - |
| Lyons Group | 2017 | $75.0M | 176 | 3 |
Vornado Realty Trust history FAQs
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Vornado Realty Trust may also be known as or be related to Vornado Realty LP and Vornado Realty Trust.