The Real Deal New York

Posts Tagged ‘vornado realty trust’

  • 280-park

    280 Park Avenue in Midtown and Steven Durels

    Blue Mountain Realty, a subsidiary of Midtown-based hedge fund Blue Mountain Capital, expanded its space at Vornado Realty Trust and SL Green’s 280 Park Avenue with an extra 28,857 square feet.

    The firm now occupies a total of 78,398 square feet at the 1.2 million-square-foot tower. The landlords are almost done making about $150 million in capital improvements. Flatiron District-based investment firm Thayer Street Partners also recently grabbed 7,560 square feet in the building. [more]

  • REITs reap rewards from keeping it simple

    September 24, 2014 11:00AM
    From left: Vornado CEO and chairman Steven Roth, 666 Fifth Avenue and 100 West 33rd Street

    From left: Vornado CEO and chairman Steven Roth, 666 Fifth Avenue and 100 West 33rd Street

    In April, Vornado Realty Trust announced that it would spin off more than 80 U.S. shopping centers into a separate publicly traded real estate investment trust. The strategy — which has seen the company focus on office and retail property — fits into what has since become a broader trend of REITs slimming down portfolios and setting their sights on core business.

    The moves have been welcomed by investors, who see diversity as a liability because different types of property are valued with different models, the Wall Street Journal reported. Investors also see value in a simple, straightforward operating strategy, investors told the newspaper. [more]

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  • rizzoli-roth

    31 West 57th Street and Steven Roth

    Vornado Realty Trust and the LeFrak Organization plan to build a “seven-star hotel” on the site of iconic Rizzoli Bookstore, Vornado CEO Steven Roth said at a panel talk today.

    The developers filed plans in May to demolish the bookstore at 31 West 57th Street. It was reported at the time that high-rise condominiums would rise on the site, but instead, Roth said, it will be a commercial use. Vornado’s priorities have largely been retail and office development in recent years. [more]

  • cassidy

    From left: 2 Penn Plaza, UBM CEO Tim Cobbold and Richard Bernstein

    Vornado Realty Trust signed marketing and communications firm UBM to a 26,444-square-foot space at Two Penn Plaza in Midtown.

    UBM, which acquired Canon Communications in 2010 for $287,000, inked a 10-year lease that consolidates three of its offices into one space. The company currently occupies an office in Manhasset on Long Island and two additional locations in the city. [more]

  • From left: 270 Park Avenue and Jamie Dimon

    From left: 270 Park Avenue and Jamie Dimon

    JPMorgan Chase is talking to several developers about potentially moving its headquarters. [more]

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  • From left: Donny Deutsch, 111 Eighth Avenue and 330 West 34th Street

    From left: Donny Deutsch, 111 Eighth Avenue and 330 West 34th Street

    Donny Deutsch’s advertising firm is moving out of its two-floor spot at 111 Eighth Avenue, freeing up nearly 135,000 square feet for Google in the building the search giant bought in 2010. [more]

  • 15-penn

    From left: Steven Roth, 15 Penn Plaza (right) rendering and Hotel Pennsylvania

    Amid demand from prospective office tenants seeking space, Vornado Realty Trust is considering reviving plans to demolish the Hotel Pennsylvania and construct a 3 million-square-foot office tower. [more]

  • From left: Steven Roth and 61 Ninth Avenue

    From left: Steven Roth and 61 Ninth Avenue

    Steven Roth’s Vornado Realty Trust is in contract to lease the Prince Lumber site in the Meatpacking District. [more]

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  • Chera-452-11-Lundgren

    From left: Stanley Chera, 452 Fulton Street, 11 Hoyt Street, Terry Lundgren (Headshot photo by Shutterstock)

    “All that volume of space and property in the Borough of Brooklyn, County of Kings, City and State of New York, which lies between the horizontal planes, the elevations of which are 24.96 feet and 43.87 feet…”

    So begins the description of an unusual, quietly-held and — insiders say — extremely valuable stake the Chera family’s Crown Acquisitions owns in the Macy’s garage at 11 Hoyt Street, between Fulton and Livingston streets. The parking facility sits across Hoyt from the Macy’s flagship Brooklyn department store at 422 Fulton Street. [more]

  • From left: 1740 Broadway, Vornado CEO Steven Roth, Darcy Stacom and Bill Shanahan

    From left: 1740 Broadway, Vornado CEO Steven Roth, Darcy Stacom and Bill Shanahan

    Vornado Realty Trust is putting the full-block office tower at 1740 Broadway up for sale. [more]

  • Yodle CEO Court Cunningham and 330 West 34th Street

    Yodle CEO Court Cunningham and 330 West 34th Street

    Yodle, a Manhattan-based advertising engine for small businesses, is establishing its new headquarters at Vornado Realty Trust’s 330 West 34th Street, The Real Deal has learned. Ahead of an initial public offering expected to raise about $75 million, Yodle is taking just under 85,000 square feet at the 18-story, 688,881-square-foot building. [more]

  • Chera-651-697-Roth

    From left: Stanley Chera, 651 Fifth Avenue, St. Regis at 2 East 55th Street, 697 Fifth Avenue and Steven Roth

    When Vornado Realty Trust and Crown Acquisitions, two of New York’s savviest retail investors, announced that they would pay a record price per square foot for a condominium along Fifth Avenue, it sounded like the epitome of the store-space wildcatting driven by deal-hungry buyers quickly becoming part of the industry’s narrative. [more]

  • St. Regis retail space and Stanley Chera

    St. Regis retail space and Stanley Chera

    Vornado Realty Trust and partner Crown Acquisitions put up $700 million to purchase the retail condo at the St. Regis Hotel in the heart of the city’s most coveted retail corridor. [more]

  • 100 West 33rd Street

    100 West 33rd Street

    A year after Rocket Fuel committed to a 50,000-square-foot spread in Vornado Realty Trust’s 100 West 33rd Street, the advertising technology company is nearly doubling the size of its space.

    The California-based company, which quadrupled its national footprint over the past year, signed a 10-year lease for 90,000 square feet in the Midtown building. There, it will join the ranks of advertising behemoth Interpublic Group, which signed a lease in 2012. [more]

  • Preuss-Gallucci-9277-Heicklen

    From left: Stephen Preuss, Mark Gallucci, 92-77 Queens Boulevard and Robert Heicklen

    A new two-story retail building set to replace a shuttered strip club in Rego Park — in the shadow of Vornado Realty Trust’s four-year-old regional mega-mall — is testing how much retailers will pay for neighborhood street stores on Queens Boulevard. [more]

  • From left: Port Authority Bus Terminal, Hudson News

    From left: Port Authority Bus Terminal, Hudson News

    Before Hudson Group Retail can renew its $21.3 million, 11.5-year leases for its 17 spaces insie the Port Authority Bus Terminal, it must come to terms with a newly-introduced living wage provision. [more]

  • chera-450

    Stanley Chera and 450 Park Avenue (Photo credit: Honest Buildings)

    UPDATED, 1:14 p.m., May 21The Chera family’s Crown Acquisitions, along with the large Canadian investment firm Oxford Properties Group, are just days from closing the acquisition of the 33-story skyscraper located at 450 Park Avenue designed by Emery Roth & Sons.

    The purchase price, $545 million, puts almost half the value of the tower in the retail base, insiders told The Real Deal. [more]

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  • 220-cps

    220 Central Park South and Steven Roth

    Vornado Realty Trust is in negotiations with sovereign-wealth fund the Qatar Investment Authority to line up hundreds of millions of dollars in financing for the 950-foot condominium skyscraper planned for 220 Central Park South.

    The real estate investment trust has spent roughly $510 million on the project since acquiring it in 2005. If the Qatar Investment Authority provides extra funds, Vornado would not need to spend more of its own. The tower will stand 65 stories, hold 100 units in total and is slated for a 2016 completion. [more]

  • Rizzoli Bookstore at 31 West 57th Street

    Rizzoli Bookstore at 31 West 57th Street

    Call it a new chapter. Plans to fully demolish the Rizzoli Bookstore, which shuttered in April despite last-minute preservation efforts, and an adjacent building were filed and approved on Wednesday, according to Department of Buildings records. [more]

  • neuman

    1290 Sixth Avenue and Neuberger CEO George Walker

    Asset management firm Neuberger Berman signed a 20-year lease at Vornado Realty Trust’s 1290 Sixth Avenue, with plans to move its global headquarters by late 2016.

    The firm plans to take 355,000 square feet at the building, located between 51st and 52nd streets. For 22 years, Fisher Brothers’ 605 Third Avenue near 39th Street has served as Neuberger Berman’s base. But its lease for the 272,000-square-foot space was set to expire in 2017, and the firm sought to make other arrangements. [more]


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