Vornado Realty Trust is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's.
On February 15, 2001, the Port Authority announced that Vornado Trust Reality had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease.Silverstein was outbid by $50 million by Vornado. However, Vornado later withdrew and Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001.
Vornado, which announced plans to buy the Manhattan Mall in Herald Square on November 2006, is also part of the development team picked by the New York state to turn the Farley post office into an extension of Penn Station. Though the Farley conversion is now stalled, Vornado and its partner, The Related Companies, are also pushing a much larger project. It would tack a new Madison Square Garden on the Ninth Avenue end of the post office complex and replace the existing arena with office towers and a new Penn Station.