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In a story that all of us seem to have missed a couple of weeks ago (possibly because it was in the New York Post), Vornado Realty Trust is having second thoughts about tearing down the Hotel Penn (home of our biannual HOPE conferences), at least in the near future. There are a number of reasons, none of which are a huge surprise: the overall state of the economy, the prospect of new commercial buildings going up in surrounding areas which will make it all the harder to get tenants for yet another office tower, and the fact that the hotel brings in a ton of money.


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