Auctioning Shadow Inventory in Boston - did not work...

I think the spin is faked. I think Vornado is thrilled to get about $700/sf....it could have been a catastrophe for them.

I agree with GG. The "failure" comments came from the auctioneer and third-party broker. Vornado declined to comment, but you have to assume high $600s/sf was substantially better than their worst-case scenario. The two winning buyers interviewed both thought they were overpaying, and seemed quite content with the idea that Vornado would sell out the rest of the units at even lower prices.

The proof may ultimately seeing if Vornado does more auctions. If they do, you have your answer.