All eyes and ears will be on Vornado Realty Trust’s Tuesday morning earnings call after the REIT posts second-quarter results after markets close on Monday.
We assume CEO Steve Roth, president Michael Franco and COO Glen Weiss will address a topic hotter than recent leases — namely, Vornado’s role at 350 Park Ave., the planned tower where it’s partners with Rudin and Ken Griffin.
Demolition of three buildings is underway on Park Avenue and East 52nd Street for the new skyscraper, where two Griffin-controlled Citadel companies are to be anchor tenants with at least a combined 850,000 square feet.
But Griffin’s commitment was tested when Mayor Zohran Mamdani gratuitously disparaged the Citadel founder for owning a $200 million condo, prompting Griffin — who is personally a partner in the development — .to say he would expand his holdings in south Florida.
Vornado had the option to be, as Roth put it in the company’s first-quarter earnings call, “a participant or a seller” in the project.” He said Griffin “is the 60% partner, we are a 36% partner and the Rudin family is a 4% partner.”
Roth added, “Citadel has to be committed. They will be committed. So I mean, this whole deal is based upon the fact that [Griffin’s companies] will be the anchor tenant . . . This whole thing Ken has committed to start this whole thing will all come together and become very clear in the mid-summer.”
It will be more clear this week.