Posted May 3, 2022, 8:33 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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https://www.fool.com/earnings/call-t...ings-call-tra/
Vornado Realty Trust (VNO) Q1 2022 Earnings Call Transcript
By Motley Fool Transcribing
May 3, 2022
Quote:
Daniel Ismail -- Green Street Advisors -- Analyst
Just a last question for me on Penn District and [Inaudible] There's been a variety of news articles going back and forth about the potential additional density there and the state versus the cities plans.
I'm just curious, can you give us an overall update as to what's going on with any potential rezoning and any potential time line on that as well?
Steven Roth -- Chairman and Chief Executive Officer
Yes. I think we'll stand pat on that. I mean, this is a -- basically, the City of New York and the State of New York are partners and government. The MTA and the transit is basically a state asset, the capital plan that will be expended and Penn Station is basically state capital.
So it makes lots of sense and there's multiple, multiple historic precedents for this for the state to be in -- I'm going to use the word in charge, that's really not an accurate word, of the zoning and the development process. The city and the state are cooperating on that. There's been extensive public hearings on the plan and the proposal. The political leadership in terms of the governor and the mayor have both endorsed the plan.
And I think that's about all that I have to say about it. Obviously, we support it.
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