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Koreins Name Brokers Scared Off by Vornado in Penn Plaza Fight

Source: therealdeal.com

The Korein family owns the land under 1 Penn Plaza and is battling Vornado over rent in a ground lease dispute.
Top brokers like Doug Harmon and Woody Heller refused to help the Koreins because they feared losing Vornado's business.
The Koreins sued to push for a $1.9 billion land value, claiming the appraisal panel was biased by Vornado's power.

The Korein family, which owns the land beneath the 2.5 million-square-foot 1 Penn Plaza tower, is in a heated rent fight with Vornado Realty Trust. They've filed a lawsuit naming specific high-profile brokers who backed out of helping them due to Vornado's market dominance. This reveals how big landlords like Vornado control brokers through commissions, making fair deals tough for landowners like the Koreins.