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Insignia sale talks; Vornado has eye on huge real estate brokerage; possible conflicts of interest if rivals merge.(Vornado Realty Trust, Insignia Financial Group Inc.)(Brief Article)(Statistical Data Included)
Crain's New York Business, November, 2000 by croghan, lore
Vornado Realty Trust, the city's largest commercial landlord, is in negotiations to buy Insignia Financial Group Inc., the owner of the city's largest commercial and residential real estate brokerages. Sources say Vornado Chairman Steve Roth and other top executives of the publicly traded real estate investment trust have held preliminary talks with Andrew Farkas, chairman of Insignia, a real estate services firm that's also publicly traded.
Saddle Brook, N.J.-based Vornado's massive New York City office-building portfolio includes most of the property in the Madison Square Garden area. The company also owns the high-profile East 59th Street development site where Alexander's department store once stood. The company, trading at $35 with a market...
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