State of the City: Vornado Reports NYC Is Still Depressed

Good news on a coronavirus vaccine has caused many out-of-favor stocks to rally. Investors have been covering shorts in mall real estate investment trusts, office REITs, and other retail REITs.

Vornado (NYSE: VNO), one of the big REITs with a large concentration in Manhattan office and retail space, has rallied almost 40% in the week and a half since Pfizer announced encouraging data on its coronavirus vaccine. While the company is hopeful that things will return to normal, the present state of Manhattan is rather challenging. Are things about to turn the corner?

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Source Fool.com