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VNO Q4 2025: April Construction Start Confirmed, But Thesis Incomplete Without Alpha Calculation
VNO's Q4 2025 transcript confirmed April 2026 construction start for 350 Park/Citadel ($6B project, Citadel appetite growing from original deal), delivered economics on 623 5th Avenue (10%+ ROC, $569/ft in vs $1,175/ft all-in, 11¢ incremental FFO in 2027), and revealed all Penn District income-produ