Vornado scales back MSG redevelopment plan

06/5/2008 | Commercial Property Executive

Vornado Realty Trust scaled back plans for the redevelopment of Madison Square Garden and the Hotel Pennsylvania. Vornado attributed the scaled-back proposal to a lack of government approval and the tightening credit market. The original plans had called for a tower for Merrill Lynch headquarters, moving Madison Square Garden and developing its 5 million square feet of air space.

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