Is Vornado Realty Trust (VNO) Fairly Valued After Its 350 Park Avenue Joint Venture?

Vornado Realty Trust recently announced a joint venture for a 1.9 million square foot office tower at 350 Park Avenue, prompting a re-evaluation of its stock. While a narrative valuation suggests the stock is 8.1% overvalued at $39.00 compared to a fair value of $36.08, a Discounted Cash Flow (DCF) model indicates it might be undervalued by 27.1% with a fair value closer to $53.49. This divergence highlights differing perspectives on future growth, margins, and interest costs.