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Vornado Realty Trust
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Vornado Realty Trust
Vornado Realty Trust is an American real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
The origins of the company can be traced back to the Two Guys discount store chain, founded in 1947 by brothers Sidney and Herbert Hubschman. In 1959, Two Guys acquired O. A. Sutton Corporation, manufacturers of the Vornado line of electric fans, and the company was subsequently renamed Vornado Inc.
By 1964, the company operated over 200 stores. In the 1970s, Vornado began divesting its retail operations. In 1978, the company sold 80 Two Guys locations in California.
In 1980, Interstate Properties Inc., a real estate development company controlled by Steven Roth, acquired an 18% stake in Vornado, since Roth became interested in the company's real estate holdings. In 1981, Interstate Properties took control of the firm after winning a proxy struggle against existing management and closed additional stores, reducing the number of stores in operation to 12.
In 1986, Interstate Properties and Donald Trump each bought approximately 20% of Alexander's, a failing retailer whose real estate holdings included a store that occupied the entire block between East 58th and 59th streets and Lexington and Third Avenues in Manhattan.
In 1988, they each raised their stakes to 27% of the company, but Trump pledged his interest as collateral for a personal loan from Citicorp and in 1991, Trump was forced to turn over his holdings to Citibank.
In 1992, Roth and Alexander's creditors forced Alexander's into bankruptcy.
Alexander's emerged from bankruptcy in 1993 as a real estate investment trust. That same year, Vornado Inc. was converted into a REIT, Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.
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Vornado Realty Trust
Vornado Realty Trust is an American real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
The origins of the company can be traced back to the Two Guys discount store chain, founded in 1947 by brothers Sidney and Herbert Hubschman. In 1959, Two Guys acquired O. A. Sutton Corporation, manufacturers of the Vornado line of electric fans, and the company was subsequently renamed Vornado Inc.
By 1964, the company operated over 200 stores. In the 1970s, Vornado began divesting its retail operations. In 1978, the company sold 80 Two Guys locations in California.
In 1980, Interstate Properties Inc., a real estate development company controlled by Steven Roth, acquired an 18% stake in Vornado, since Roth became interested in the company's real estate holdings. In 1981, Interstate Properties took control of the firm after winning a proxy struggle against existing management and closed additional stores, reducing the number of stores in operation to 12.
In 1986, Interstate Properties and Donald Trump each bought approximately 20% of Alexander's, a failing retailer whose real estate holdings included a store that occupied the entire block between East 58th and 59th streets and Lexington and Third Avenues in Manhattan.
In 1988, they each raised their stakes to 27% of the company, but Trump pledged his interest as collateral for a personal loan from Citicorp and in 1991, Trump was forced to turn over his holdings to Citibank.
In 1992, Roth and Alexander's creditors forced Alexander's into bankruptcy.
Alexander's emerged from bankruptcy in 1993 as a real estate investment trust. That same year, Vornado Inc. was converted into a REIT, Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.
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