Vornado Signals Uncertainty Over Speed of New York Office Recovery in Halting Penn District Stock Plan

In a sign of uncertainty over the speed of New York City's office market recovery, landlord Vornado Realty Trust, just 10 months after pitching a plan to separate its mega Penn District development project in Manhattan into a tracking stock, is putting the brakes on that idea until “New Yorkers return en masse to the office,” CEO Steven Roth said.