The Cartier store on Fifth Avenue. Getty Images. For a look at the damage these asphalt, so-called oases cause, you need go no farther than Times Square, where they took root in 2009.

The New York landlord sold a stake in its retail properties on Upper Fifth Avenue and Times Square in 2019. The transaction valued the portfolio at $5.6 billion, and Vornado retained a 51% equity ...