The Real Deal New York

Vornado to sell 1 Park Avenue for $650M: report

January 21, 2014 01:20PM

1 Park Avenue

1 Park Avenue

Vornado Realty Trust is asking roughly $650 million for its 20-story office tower at 1 Park Avenue, Bloomberg News reported, citing unnamed sources.

Adam Spies and Douglas Harmon of Eastdil Secured were recruited to handle marketing for the property at East 33rd Street. The real estate investment trust saved the 925,000-square-foot tower from foreclosure in 2011 after paying $180 million to recapitalize and gain control of it from Norman Sturner’s Murray Hill Properties, as The Real Deal had reported at the time.

Murray Hill Properties and a unit of Cerberus Capital Management sold a 95 percent stake to Vornado in 2011. Murray Hill retains a 5 percent interest.

Shortly after, New York University’s Langone Medical Center, the building’s flagship tenant, signed on for 30 more years there and expanded to 420,000 square feet. [Bloomberg News]Mark Maurer

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