Press Release

Deal Will Provide Tenants Broad, Regional Access to Telecommunications and Internet Services

NEW YORK, Nov 12, 2001 (BUSINESS WIRE) -- Con Edison Communications, Inc. (CEC) has signed an agreement with the Vornado Realty Trust (NYSE:VNO), an equity real estate investment trust, that gives CEC access to over 14 million square feet of office space.

A wholly-owned subsidiary of Consolidated Edison, Inc. (NYSE:ED), Con Edison Communications is currently building an extensive fiber optic network that will bring telecommunications and Internet service providers into commercial properties throughout the five boroughs, Westchester and New Jersey.

Vornado Realty Trust is among the largest owners of office property in New York City with approximately 14.2 million square feet of office space in 21 properties. Vornado's portfolio includes such Manhattan properties as One and Two Penn Plaza, 909 Third Avenue, 770 Broadway, Two Park Avenue, 90 Park Avenue, 330 Madison Avenue, and 7 West 34th Street, across from the Empire State Building.

"Establishing a long-term relationship with Vornado Realty Trust gives Con Edison Communications the opportunity to further extend our network reach and provide superior infrastructure and services in Vornado properties," said Peter Rust, president and CEO of Con Edison Communications. "We are pleased to work with one of the biggest property owners in the metro-New York area."

CEC connections will be available to all major New York access points, including CEC's hubs at 111 Eighth Avenue and 60 Hudson Street, all commercial buildings on the CEC network, POPs and Verizon local service offices.

About Con Edison Communications, Inc.

Con Edison Communications, Inc. (CEC) is a wholly owned subsidiary of Consolidated Edison, Inc. CEC, a carrier's carrier, offers a comprehensive range of value-added products and services designed to enhance the performance of its customers' networks. CEC provides managed data transport services, leased capacity services, and plans to offer in-building optical distribution to multiple classes of customers including long-distance carriers, competitive local exchange carriers and Internet, cable, wireless and video companies. CEC's NYC metro area network is expected to interconnect over 1,000 commercial buildings, POPs and Verizon Central Offices by the end of 2005. Additional information about CEC is available at http://www.electricfiber.com/.

About Consolidated Edison, Inc.

Consolidated Edison, Inc. (NYSE:ED) is one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and four competitive energy and telecommunications businesses. For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at http://www.conedison.com./.

About Vornado Realty Trust

Based in New York City, Vornado Realty Trust (NYSE: VNO) is a fully integrated real estate investment trust which owns and manages approximately 66 million square feet of real estate. For more information on Vornado Realty Trust, please visit http://www.vno.com/.

CONTACT:          Con Edison Communications, New York
                  Robert Jewels, 212/324-5030
                  Robert@electricfiber.com
                  or                              
                  A. Lavin Communications, New York                                          
                  L. Kathryn Lee, 212/290-9540             
                  mail@alavin.com