Did the Bryant conduct the luxury condo auction because Vornado Realty Trust (developer/owner) needed the cash? Answer no way, no how. Check this out from The New York Post:
Vornado’s ‘hoarding’ its cash
Vornado Realty Trust has a $2.8 billion cash war chest readied to pounce on real estate deals. But like everyone else, they need to find places to park the money until the bid and the ask meet in a comfortable spot.
Vornado is “hording” its money in CD’s Michael Fascitelli, president and CEO of Vornado told The Post “Getting .25%. Everything is in very safe investments.”
Hmm….I never knew that digging a hole in Downtown Crossing was a “safe investment.”
File Under: Buy some shovels.