Vornado Realty Trust is the new owner of the Otis Elevator Building at 260 11th Avenue, a bet on growing office demand in the neighborhood.
The property includes a 10,000-square-foot parking lot as well as additional available development rights, according to Bloomberg. Vornado is looking to convert the building into office space.
Vornado is leasing the property for 99 years and will make $3.9 million payments per year. Vornado has the option to buy the land on which the building sits for $110 million, the website reported. The City of New York is leasing the property through 2021, Bloomberg reported.
The seller of the property — which spans from West 26th to West 27th street — is unknown.
The plot is just south of the Related Companies’ Hudson Yards megadevelopment and across the street from the iconic Starrett-Lehigh Building, which houses tenants such as Martha Stewart Living Omnimedia, Ralph Lauren and Under Armour. [Bloomberg] — Claire Moses