Millennium Tower (Filene's) | 426 Washington Street | Downtown

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Re: Millennium Tower - Filene's

TheRifleman said:
2 Million dollar loss (Tax Writeoff).............Probably saved Millions a year in tax incentives each year for the hole in the ground.

The reality is Vornado does not want the hundreds of millions in DEBT on their balance sheet to help build Millennium.

Believe me when I say Vornado never lost a penny of their own money on the hole in the ground
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And you know this, how?

How much did Vornado make or lose from selling its part interest in Suffolk Downs?

How much did Vornado make or lose from its part ownership of J C Penny?
 
Re: Millennium Tower - Filene's

Not only have the tarps been coming down -- but heavy equipment was spotted in the pit today!!! AHHHHHHHHH!
 
Re: Millennium Tower - Filene's

stellarfun said:
And you know this, how?

How much did Vornado make or lose from selling its part interest in Suffolk Downs?

How much did Vornado make or lose from its part ownership of J C Penny?
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Vornado market cap on the NYSE is around 16 Billion. The company continues to make money for its investors by issuing dividends to its shareholders.

Even if they lost on Suffolk Downs deal or Downtown crossing overall the company is making money to pay its shareholders dividends each quarter.
Sept 2012 .69 cents for the 3rd quarter
http://yahoo.brand.edgar-online.com...879-257715&type=sect&dcn=0000899689-12-000020

Investors win & lose on deals but make money on how complex the tax structure for very wealthy corporations or individuals especially on land deals. (Perfect example of why the IRS should be completely revamped)

Overall Vornado remains a solid investment for shareholders as they continue to make money and payout dividends.

As Vornado claims losing 2 million dollars on this deal as Vornado reaped almost 250 million in net income last year. (you have to park your money somewhere why not in a ditch and collect tax breaks and see how your other investments do then claim a loss to offset your gains for the year)

**Also Vornado has alot of debt on its balance sheet 9 Billion in mortgage notes and only 900 Million in cash.

All the information is public to anybody interested.
http://www.vno.com/
 
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Re: Millennium Tower - Filene's

Rifleman, I didn't ask you about market cap, nor net income, nor whether Vornado offered solid value for investors.

Vornado's net gain on selling a partial interest in Suffolk Downs was $12.5 million.

Vornado has a 10 percent stake in J C Penny's, which just fired its CEO because he turned out to be a marketing and sales disaster. J C Penny stock is in the tank, and so is the value of Vornado's stake, which is far more negative on their balance sheet than the cost of their liquidating their stake in Downtown Crossing.

Stephen Roth has repeatedly said recently that Vornado intends to concentrate on two cities: New York and Washington, where it owns scores of properties in each. It is getting out of certain lines of business, e.g., selling design centers in Boston and Washington, and pondering what to do about the Merchandise Mart.
 
Re: Millennium Tower - Filene's

stellarfun said:
Rifleman, I didn't ask you about market cap, nor net income, nor whether Vornado offered solid value for investors.

Vornado's net gain on selling a partial interest in Suffolk Downs was $12.5 million.

Vornado has a 10 percent stake in J C Penny's, which just fired its CEO because he turned out to be a marketing and sales disaster. J C Penny stock is in the tank, and so is the value of Vornado's stake, which is far more negative on their balance sheet than the cost of their liquidating their stake in Downtown Crossing.

Stephen Roth has repeatedly said recently that Vornado intends to concentrate on two cities: New York and Washington, where it owns scores of properties in each. It is getting out of certain lines of business, e.g., selling design centers in Boston and Washington, and pondering what to do about the Merchandise Mart.
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My whole point is they have other investments that all offset each other and the company is still profitable also the way the entire IRS system is structure it favors these corporations.

First off the only thing I said was Roth was the smartest guy in the room which is not saying much since the Mayor & the BRA are the only ones in the room with him. And which I followed up with Roth probably made money on the downtown hole with all the tax incentives.

Not sure why your bringing up JC Penny I never even mentioned this., Even Warren Buffett has made some bad investments in his life.
 
Re: Millennium Tower - Filene's

TheRifleman said:
My whole point is they have other investments that all offset each other and the company is still profitable also the way the entire IRS system is structure it favors these corporations.

First off the only thing I said was Roth was the smartest guy in the room which is not saying much since the Mayor & the BRA are the only ones in the room with him. And which I followed up with Roth probably made money on the downtown hole with all the tax incentives.

Not sure why your bringing up JC Penny I never even mentioned this., Even Warren Buffett has made some bad investments in his life.
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I brought up J C Penny to see whether you were pulling valuations and value re: Vornado out of your butt, or whether you actually had looked at Vornado's financials, and then also understood what you were reading.

Roth's problem is not that Vornado is not paying dividends to investors, its that as a REIT, Vornado is undereperforming compared to its peers. Roth's investors are unhappy about that.
 
Re: Millennium Tower - Filene's

^Don't argue with the insane.

This thread is starting to get interesting again. Please don't let it devolve into another shitpile.
 
Re: Millennium Tower - Filene's

Justin7 said:
^Don't argue with the insane.

This thread is starting to get interesting again. Please don't let it devolve into another shitpile.
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Comments like that are the reason why these threads end up in a shitpile.
 
Re: Millennium Tower - Filene's

A NECN-TV video on the Walgreen's opening downtown had the NECN reporter stand in front of the Filene's hole and said that a ground-breaking would be held by the end of the month for, what he called, "One Franklin". He wasn't standing in front of Filenes, itself. This video can be found under, "NEWS", on the downtownboston.org website.
 
Re: Millennium Tower - Filene's

There is now a small crane operating in the hole at this very moment.
 
Re: Millennium Tower - Filene's

BosDevelop said:
There is now a small crane operating in the hole at this very moment.
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Re: Millennium Tower - Filene's

Steam cleaning the facade this morning.
They also moved a large crane into the pit. Crane was lifting skid loader or similar equipment up to top floors when I walked by.
 
Re: Millennium Tower - Filene's

Does anyone know what that elevator shaft was for and why it ran express to floor 7?
 
Re: Millennium Tower - Filene's

Has the 1915 facade been razed yet?
 
Re: Millennium Tower - Filene's

After this long wait. I hope this location turns into a landmark development for Boston.

Hopefully we don't get a larger version of 33 Arch Street which will be terrible
 
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