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Vornado Experiencing Significant Shrinkage in Harlem

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All those machinations by Vornado Realty Trust to get permission to build Harlem Park, its 21-story office building at 125th and Park Avenue in East Harlem? Never mind. The building is undergoing a significant SizeChop. According to a report in the Times over the weekend that we don't want to overlook, Vornado was supposed to start work on the Harlem Park project in the spring and there have been rumblings of trouble in the past. The delay on the $435 million project is because of "Vornado's inability to finance" it. And so, the market appears to be trimming the building's height by one-third, which is something opponents had been unable to do. Major League Baseball's cable network is on board but other tenants aren't. So, the 21 stories is out and 14 stories may be in along with a renegotiated lease with MLB, which was supposed to take one-fifth of the original building. No worries, though: "Vornado and Major League Baseball intend to use a raft of tax breaks, as well as tax-exempt financing."
· MLB Wants to Climb Inside Harlem's Box [Curbed]
· Construction Watch: Waiting on Harlem Park [Curbed]