I was referring especially to One Penn Plaza- Vornado's making a decent amount of rent from that building, and later this year plans to improve it, so they can ask even more in rent money. Sure there's plenty of buildings in that area which are in pretty rough shape, but One Penn is not one of them.
Dangling some air rights at Vornado isn't going to be the sweet deal that it might be for JPMorgan- JPMorgan isn't collecting rent on 270 from a multitude of tenants. They're not going to lose years of rent money waiting for their new building to be ready. But Vornado would, and I don't think they will just roll over and let the state take out one of their most profitable (if not THE most profitable) buildings.
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"Build me to the heavens, and Life never stops"
"Live as if the world were as it should be, to show it what it can be"
-Angel
"Prayers are fleeting and wars are forgotten, but what is built endures"
-Ambassador DeLenn, Babylon 5
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