To be a shareholder of Vornado Realty Trust, you need to believe in the long-term resilience and pricing power of premium Manhattan real estate, even amid evolving tenant preferences and macroeconomic changes. The recent refinancing of 4 Union Square South enhances near-term cash flow stability by reducing exposure to interest rate fluctuations, but it is not likely to materially shift the biggest short-term catalyst, leasing momentum at flagship assets, nor does it eliminate key risks tied to economic volatility and office demand.