Vornado Stock Dubbed 'Very Dangerous' by Top Stock Picker 
ARLINGTON, VA (REIT Media) October 18, 2007 - Real estate giant Vornado Realty Trust (NYSE: VNO) received the least favorable ranking of "very dangerous" by New Constructs, an equity research firm ranked #1 by Institutional Investor Magazine in 2005, according to a newsletter issued today. The newsletter, VornadoWatch, is distributed to nearly 1,000 shareholders, market analysts, media outlets, and business leaders by the Service Employees International Union (SEIU) Local 32BJ.
New Constructs reports that Vornado's stock "offers much more downside risk that upside potential." Vornado received a "Dangerous" or "Very Dangerous" ranking in four out of the five criteria used by New Constructs to analyze risk. The second issue of VornadoWatch examines analysis from both quantitative research firms and traditional firms. Overall reviews proved mixed, while some analysts issued "buy" ratings, ValuEngine, estimates that VNO is overvalued by more than 38%.
VornadoWatch also reports that SEIU Local 32BJ has begun engaging the Arlington County, Virgina community on the work of the Crystal City Planning Task Force. As reported in the first issue of VornadoWatch, Vornado, Crystal City's largest property owner, seeks the inclusion of a clause recommending county tax incentives for redevelopment.
Vornado's efforts come as Crystal city prepares for impending defense-related office vacancies caused by the Base Realignment and Closure (BRAC) process. More than 3.2 million square feet of defense-related office space -- nearly one-third of Crystal City's total -- stands to be affected.
To protect the community's interests, Local 32BJ, which represents commercial cleaners in the DC-Metro area, is considering hiring independent transportation and economic experts to assess the impact of proposed plans for Crystal City, the newsletter reports. Thousands of commercial office cleaners live and work in Northern Virginia.
To receive a copy of VornadoWatch, please send contact information via email to scasey@seiu32bj.org.
With more than 85,000 members in six states, including 9,000 in the Washington DC-Maryland area, Local 32BJ is the largest property service workers union in the country.
Source: SEIU Local 32BJ
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Oct.18.2007. 16:59
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