The Real Deal New York

Vornado pays $39M to up stake in 1601 Broadway

Times Square property now valued at about $480M is home to a Crowne Plaza

January 30, 2015 04:48PM
By Hiten Samtani and Adam Pincus

1601 Broadway

1601 Broadway

UPDATED, 4:05 p.m., Feb. 17: Vornado Realty Trust paid $39 million to increase its stake in 1601 Broadway, a 46-story commercial mixed-use building in Times Square that is home to a Crowne Plaza, according to property records filed with the city and a press release from the real estate investment trust.

The seller of the stake was the City Investment Fund, property records show. The site has about 216,000 square feet of unused air rights, according to PropertyShark.

Vornado grew its stake in the building from 11 percent to 33 percent, when it joined with its Real Estate Fund and one of the fund’s partners to buy the 57 percent stake in the property for a total price of $95 million, Vornado said in the release.

The nine-floor office component of the current building is about 230,000 square feet, according to Vornado’s website. A New York Sports Club sits at the base of the tower.

Representatives for Vornado couldn’t immediately be reached for comment.

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