The Real Deal New York

Posts Tagged ‘vornado realty trust’

  • 280 Park Avenue in Midtown (inset, from left: Marc Holliday and Steven Roth)

    280 Park Avenue in Midtown (inset, from left: Marc Holliday and Steven Roth)

    They may be rivals as two of the city’s largest office landlords, but SL Green Realty and Vornado Realty Trust worked together to make the $150 million renovation of 280 Park Avenue pay off. [more]

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  • From left: Tim Naughton and Steven Roth

    From left: Tim Naughton and Steven Roth

    Economic uncertainty has led several investment banks to downgrade their forecasts on real estate investment trusts. But not Credit Suisse, which last week upgraded Vornado Realty Trust and offered a decidedly sunny short-term outlook on the overall REIT sector.

    The Swiss investment bank upgraded Vornado to a “neutral” rating from the previous designation of “underperform,” noting that “both [New York City] office and retail fundamentals are healthy (and improving), while there is a continued strong bid for NYC real estate by foreign buyers,” who represented 42 percent of the market share this year. [more]

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  • Trinity Church Hudson Square

    From left: 12-16 Vestry Street and One Hudson Square

    Trinity Church’s gargantuan 11-building cluster around Hudson Square is up for grabs, and the city’s biggest commercial players have thrown in their hats.

    SL Green Realty, Vornado Realty Trust, Ivanhoe Cambridge, Norges Bank and Brookfield Property Partners are reportedly among the bidders for 99-year leases on millions of square feet of office and retail space.  [more]

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  • Vornado seeks dominion in West Chelsea

    August 04, 2015 05:20PM
    260 11th Avenue in Chelsea and Steven Roth

    260 11th Avenue in Chelsea and Steven Roth

    Vornado Realty Trust’s recent acquisition of the Otis Elevator Building will help the company become “one of the largest owners in the West Chelsea market,” chair and CEO Steven Roth said on the real estate investment trust’s second quarter earnings call Tuesday. [more]

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  • The Otis Elevator building at 260 Eleventh Avenue (credit: Kate Leonova)

    The Otis Elevator building at 260 Eleventh Avenue (credit: Kate Leonova)

    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. [more]

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  • 100-w-33rd-sttop 1

    100 West 33rd Street

    Steven Roth’s Vornado Realty Trust completed a $580 million refinancing of 100 West 33rd Street, netting a hefty profit of $242 million.

    A spokesperson for the real estate investment trust declined to identify the lender. The 13-story, 1.1 million-square-foot, mixed-use complex is comprised of 851,000 square feet of office space, and 256,000 square feet of retail space in the form of the Manhattan Mall. Vornado bought a 95 percent stake in the building in 2007 for $689 million. [more]

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  • From left: A new rendering of 220 Central Park South and one from 2014 (Credit: Robert A.M. Stern Architects)

    From left: A new rendering of 220 Central Park South and one from 2014 (Credit: Robert A.M. Stern Architects)

    As construction at one of New York’s most anticipated luxury projects speeds along, a new rendering sheds light on what all the fuss is about at 220 Central Park South.

    SLCE Architects released the image of Vornado Realty Trust’s ultra high-end building, designed by Robert A.M. Stern. The main tower will rise 950 feet and over 470,000 square feet of space across 173 residential units on 65 floors. [more]

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  • Major REITs “got killed” in Q2

    July 30, 2015 09:45AM
    From left: Marc Holliday, Owen Thomas and Steven Roth

    From left: Marc Holliday, Owen Thomas and Steven Roth

    After a successful first quarter that saw positive shareholder returns and price performance virtually across the board, major New York-focused real estate investment trusts gave it all back in the second quarter – and then some. [more]

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  • From left: Marc Holliday, Owen Thomas and Steven Roth

    From left: Marc Holliday, Owen Thomas and Steven Roth

    In the face of a “maturing” commercial real estate cycle that’s bracing for an interest rate hike, Goldman Sachs this week downgraded SL Green Realty and Vornado Realty Trust, citing a debt-heavy strategy for SL Green and Vornado’s high exposure to a risky high-end Manhattan retail market. In contrast, Boston Properties’ low-cost-capital, high-cash-flow strategy bodes well in the near future, the investment bank said. [more]

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  • From left: 888 Seventh Avenue and Neil Goldmacher

    From left: 888 Seventh Avenue and Neil Goldmacher

    DTZ parent company and private equity firm Texas Pacific Group renewed its lease for another 10 years at Vornado Realty Trust’s 888 Seventh Avenue, where it will now take up 100,000 square feet.

    TPG is growing its space in the 47-story skyscraper by about 20,000 square feet, Crain’s reported, and will be located on 33rd through 38th floors. Asking rent was $115 per square foot, according to the website. [more]

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  • 144-150 West 34th Street in Herald Square (inset: Steven Roth)

    144-150 West 34th Street in Herald Square (inset: Steven Roth)

    Vornado Realty Trust received a $205 million acquisition loan from Morgan Stanley to help finance its purchase of the Old Navy building in Herald Square. [more]

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  • 220 Central Park South

    220 Central Park South (credit: Neoscape)

    A Qatari buyer is looking to combine multiple apartments at the ultra-luxe 220 Central Park South into a single, $250 million penthouse in the sky, sources told The Real Deal. If a deal is finalized, the mystery buyer would own the priciest residence in New York City by far, and one of the world’s most expensive homes. [more]

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  • Renderings of 1535 Broadway and a Laline shop

    Renderings of 1535 Broadway and a Laline shop

    An Israeli bath and body shop is the latest tenant to ink a deal at Vornado Realty Trust’s retail revamp of the Marriot Marquis on the Times Square “bow tie.” [more]

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  • From left: an AdWeek cover, Worldwide Plaza and Peter Duncan

    From left: an AdWeek cover, Worldwide Plaza and Peter Duncan

    The publisher behind titles such as AdWeek, Billboard and Mediabistro.com is shrinking its Manhattan footprint with a move from a Midtown South tech hub to One Worldwide Plaza on the West Side. [more]

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  • 280 Park Avenue in Midtown

    280 Park Avenue in Midtown

    GIC, a Singaporean government-owned fund manager, is leaving its offices at Milstein Properties’ 335 Madison Avenue and taking 50,000 square feet at SL Green Realty and Vornado Realty Trust’s 280 Park Avenue. [more]

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  • One Penn Plaza in Midtown (inset: Steven Roth)

    One Penn Plaza in Midtown (inset: Steven Roth)

    Vornado Realty Trust has selected a Norwegian architecture firm — also responsible for the Times Square plaza design — to lead its efforts at overhauling the Penn Station area. [more]

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  • 909 Third Avenue in Midtown

    909 Third Avenue in Midtown

    Financial consulting company AlixPartners is relocating to a similarly sized office of 65,000 square feet in Vornado Realty Trust’s 909 Third Avenue, between East 54th and 55th streets.

    The deal is for a 12-year sublease from Actavis, with asking rents in the $50s per square foot, according to the New York Observer. The firm moved from LeFrak Organization’s 40 West 57th Street, between Fifth and Sixth avenues. [more]

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  • From left: Doug Harmon, Adam Spies, the Old Navy building at and Steve Roth

    From left: Doug Harmon, Adam Spies, the Old Navy building at 144-150 West 34th Street and Steve Roth

    Vornado Realty Trust just closed on the $355 million acquisition of the Old Navy building in Herald Square, The Real Deal has learned, just over a year after a partnership between Starwood Capital Group and Crown Acquisitions bought it for $252 million. [more]

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  • From left: Steve Roth, the Prince Lumber site at 61 Ninth Avenue and Rafael Vinoly

    From left: Steve Roth, the Prince Lumber site at 61 Ninth Avenue and Rafael Vinoly

    Vornado Realty Trust and Aurora Capital Associates tapped Rafael Vinoly, the architect behind Midtown’s 432 Park Avenue residential tower, to design a 10-story office-and-retail building on the former Prince Lumber site in the Meatpacking District, according to a permit application filed with the city’s Department of Buildings Tuesday. [more]

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  • From left: Marc Holliday and Steven Roth

    From left: Marc Holliday and Steven Roth

    Real estate giants Vornado Realty Trust and SL Green Realty both had profit margins more than 20 percent in 2014, making them some of New York City’s most profitable public companies. [more]

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