Newmark Engaged by Vornado Realty Trust for Next Phase of THE PENN DISTRICT Retail Renaissance
Rhea-AI Summary
Vornado Realty Trust (NYSE: VNO) has appointed Newmark (Nasdaq: NMRK) as exclusive leasing agent for the next phase of retail redevelopment in THE PENN DISTRICT on Manhattan's West Side. The effort supports Vornado's $2.5 billion revitalization and builds on 1.1 million square feet of new retail and more than 5 million square feet of redeveloped Class A office.
Newmark's retail leadership team will manage leasing for a cohesive street-level retail corridor on Seventh Avenue between 33rd and 34th Streets and the Moynihan Retail Corridor, complementing anchors including Macy's and Primark's 78,000 sf flagship opening this spring.
Positive
- Vornado committing $2.5 billion to PENN DISTRICT revitalization
- Newmark named exclusive leasing agent for next retail phase
- 1.1 million sf of new retail already developed in PENN DISTRICT
- Redevelopment foundation: > 5 million sf of Class A office repositioned
- Primark 78,000 sf flagship opening this Spring to anchor corridor
- Retail mix includes 70+ curated food and beverage purveyors
Negative
- None.
News Market Reaction – NMRK
In the Feb 2 session, NMRK declined 2.64%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Vornado has tapped the Newmark retail team overseen by Chairman of Global Retail Mark Masinter, who will work closely with Newmark's Retail Vice Chairman Karen Bellantoni, Jackie Totolo, Pierce
The reinvention of Vornado's retail holdings is a core component of its
The newly created space is now home to a wide array of retailers, including more than 70 curated food and beverage purveyors. Plaza 33, the newly landscaped pedestrian square, is populated with a series of standout restaurants including The Dynamo Room, Bar Primi and Blue Ribbon Sushi & Steak. At the new Moynihan Train Hall, Vornado has created a diverse dining scene anchored by Avra Estiatorio. Vornado also led the expansion and redevelopment of the Long Island Rail Road concourse, Penn Station's main underground passageway, which is now fully lined with a mix of national and local dining options and retailers.
Vornado is now in the initial stages of creating a cohesive street-level retail experience along both sides of Seventh Avenue between 33rd and 34th Streets. Working with Newmark, Vornado will develop this corridor to complement its existing anchors, Macy's and Primark's 78,000 sf flagship store set to open this coming Spring. Newmark will also work with Vornado on its Moynihan Retail Corridor, which serves as the central spine of the Moynihan Train Hall.
"It is a privilege to partner with Chairman and CEO Steve Roth, Executive Vice President and Co-Head of Real Estate Glen Weiss and the entire Vornado team – one of the most significant and visionary real estate owners not just in
"Through our redevelopment of THE PENN DISTRICT, we have thoughtfully curated a diverse blend of local and nationally owned restaurants, cafes and shops that offer something for all workers, residents, commuters and visitors who experience the neighborhood on a daily basis," said Weiss. "We have methodically remade THE PENN DISTRICT as a 24/7 neighborhood for every occasion and every taste. The success of our transformative work is evident across all corners of the neighborhood. In partnership with Mark and the Newmark team, we will make THE PENN DISTRICT retail environment
About Vornado Realty Trust
Vornado (NYSE: VNO) is a fully integrated real estate investment trust ("REIT") with a 26 million square-foot portfolio of premier
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.