The Real Deal New York

Posts Tagged ‘vornado’

  • “Stupid, stupid, stupid cheap.” That’s how low prices have to fall before the commercial real estate market hits bottom, Steven Roth, the chairman of Vornado Realty Trust, predicted earlier this year. In a letter to shareholders in April, the square-jawed mogul confided, “I think we are now at the third and last stupid.”

    Not that he’s buying yet. But in recent months, the 67-year-old real estate titan, along with CEO Michael Fascitelli, the other half of the so-called “Vornado Tornado,” has been building a war chest to go shopping. Click here to read the full story from our October 2009 issue.

    1 Comment
  • 220-CPS2

    From left: 217 West 57th Street, 220 Central Park South and another view of 217 West 57th Street (credit: Andrew McKeon)

    WEEKENDEDITION Excavation is now fully underway at both Extell‘s 217 West 57th Street and Vornado’s 220 Central Park South. [more]

  • From left: Glen Weiss and 90 Park Avenue

    From left: Glen Weiss and 90 Park Avenue

    Financial data company FactSet Research has renewed its lease and expanded its 90 Park Avenue spread by 40,000 square feet.

    The 15-year lease extension with landlord Vornado Realty Trust gives the firm a total of 160,000 square feet on the seventh, 10th and 11th floors of the 41-story building.

    Previously, the company’s space was scattered throughout the structure, according to Crain’s. [more]

  • NYSE trading down as space needs shrink

    February 18, 2014 01:50PM
    NYSE headquarters, 111 Wall Street

    NYSE headquarters, 111 Wall Street

    The New York Stock Exchange is reducing its workforce in downtown Manhattan and with it, the amount of space it needs.

    The exchange operates its trading floor at its iconic 111 Wall Street headquarters, and also leases the adjacent 27-story tower at 20 Broad Street.

    The lease for the latter property is set to expire in 2016. [more]

    1 Comment
  • From left: 40 West 57th Street, inside Rizzoli Bookstore

    From left: 40 West 57th Street, inside Rizzoli Bookstore

    The LeFrak real estate family and Vornado Realty Trust are planning to demolish three limestone mansions on West 57th Street in Midtown, one of which has housed Rizzoli Bookstore for 29 years. [more]

  • 100 West 33rd Street

    Advertising behemoth Interpublic Group is in the final stages of negotiating a lease for an additional 95,000 square feet at 100 West 33rd Street, in the Fashion District, Crain’s reported.

    The agency is in talks to lease the entire fourth floor of the building — where they already have 400,000 square feet — for 15 years at rents around $50 per square foot, sources told Crain’s. [more]

  • From left: 919 Third Avenue, 909 Third Avenue and Interpublic Group CEO Michael Roth

    Vornado Realty Trust has scored a major coup for its struggling office building at 909 Third Avenue, securing one of Mitdown’s biggest leases of the summer. According to the New York Observer, a group of Interpublic Group agencies, including well-known public relations firm Weber Shandwick, have inked a deal for 220,000 square feet at the office property. [more]

  • Vornado CEO Mike Fascitelli, 220 Central Park South and Gary Barnett

    The battle between Extell Development and Vornado Realty Trust over a Central Park condominium site that would directly compete with One57 has entered a new phase. The Wall Street Journal reported that Extell has gone to court to force Vornado to re-fill the building it vacated, at 220 Central Park South.

    Vornado emptied the building, and wants to do the same to the basement garage Extell leases through 2018, in order to knock it down and replace it with a luxury condo building just blocks from Extell’s One57.

    The lawsuit is a reaction to Vornado having recently informed Extell that it is in default of its lease, and will move to evict it. [more]

  • Vornado grabs Soho retail for $31M

    August 24, 2012 08:30AM

    Vornado Chairman Steven Roth and 501 Broadway

    Vornado Realty Trust’s latest Manhattan retail play is in Soho. The firm purchased 9,200 square feet of selling space at 501 Broadway, between Spring and Broome streets, for $31 million, the New York Post reported (note: correction appended). The space also has frontage at 72 Mercer Street and is occupied by Necessary Clothing. The sale works out to about $3,600 per square-foot, but only 3,800 of the space’s footage is ground-level, much of the rest is located in a selling basement. [more]

  • NYC to get world’s largest H&M

    August 23, 2012 01:00PM

    H&M at 640 Fifth Avenue

    The world’s largest H&M store is coming to New York City. Racked, citing Women’s Wear Daily, reported that the retailer has signed a 57,000-square-foot lease at 589 Fifth Avenue. The location is just a few blocks from H&M’s current New York flagship, at 640 Fifth Avenue at 51st Street. [more]

  • From left: Vornado CEO Michael Fascitelli and the exteriors of 231 and 229 West 58th Street (buildings credit: PropertyShark)

    Vornado Realty Trust is moving forward with its plans to demolish two small mid-block commercial buildings in Midtown that are tied to a large condominium development on Central Park South.

    The large real estate investment trust filed plans with the city’s Department of Buildings this month to demolish 231 West 58th Street, a three-story structure, and 229 West 58th Street, which has five floors. The properties are located between Broadway and Seventh Avenue. [more]

  • From left: Vornado CEO Michael Fascitelli and H&M's 640 Fifth Avenue retail space

    Vornado Realty Trust’s CEO Michael Fascitelli was bullish on Upper Fifth Avenue in the company’s first ever earnings call, covering the second quarter of 2012. Fascitelli said that the firm expected to receive a huge bump in rent as the lease for a large retail location on Fifth Avenue ends.

    “In just the next couple of years, one of our best leases on Fifth Avenue expires,” he said during the call. “Re-leasing there could produce an annual increase in rent of more than $20 million.” [more]

  • National market report

    August 02, 2012 03:00PM

    Pamela Anderson's home

    From the August issue: In our monthly roundup on real estate transations across the nation, TRD has the details on Vonrado’s $126 million purchase of Washington Office Center in the nation’s capital. We also tell you about Regent Partners and GEM Realty Capital’s plan to buy the Concourse Corporate Center, a 2.1 million-square foot, mixed-use development in Atlanta, from TIAA-CREF. On the residential side, an 11-bedroom historic mansion called Stone Hedge has sold for $395,650 in cash in Detroit, and “Baywatch” star Pamela Anderson has put her Malibu, Calif. home on the rental market for $50,000 per month. More details on these national stories and more after the jump. [more]

  • From left: Vornado CEO Michael Fascitelli and the Marriott Marquis

    Continuing its Manhattan retail play, Vornado Realty Trust has signed a 20-year lease for the retail space underneath the Marriott Marquis Times Square hotel, Host Hotels & Resorts, the hotel’s owner, announced today.

    The trust will spend as much as $140 million to expand the space, at 1535 Broadway, convert the underground parking lot into additional selling space, and create a six-story, 300-foot-long LED sign. [more]

    1 Comment
  • From left: Microsoft Chairman Bill Gates, Boston Properties Chairman Mort Zuckerman, SJP Properties CEO Steven Pozycki and a rendering of 250 West 55th Street

    Having been bumped from Boston Properties’ under-construction 250 West 55th Street, Microsoft now has the option of renewing its deal at the Vornado-owned, 2.1-million-square-foot 1290 Avenue of the Americas or relocating to 11 Times Square, the New York Observer reported.

    The reason for being bumped from 250 West 55th Street? Law firm Kaye Scholer signed a letter of intent to take 260,000 square feet in the tower, as previously reported. This and another deal with the law firm Morrison Foerster on the tower’s lower floors leaves Microsoft with the top floors, which are too pricey. [more]

  • From left: 346 Broadway, 49-51 Chambers Street and 22 Reade Street

    In the three months since the Economic Development Corporation issued requests for proposals for a package of city-owned buildings, some of New York’s top real estate firms — Vornado Realty Trust, Toll Brothers and Kushner Companies, among them — have toured the properties. Should those or other companies wish to bid on the Lower Manhattan properties, their proposals are due today.

    The 750,000-square-foot, three-building package is composed of 346 Broadway, 49-51 Chambers Street and 22 Reade Street. [more]

  • From left: Vornado CEO Michael Fascitelli, 680 Madison Avenue and Extell President Gary Barnett

    Vornado Realty Trust is in contract to purchase all 33,389 square feet of retail space at 680 Madison Avenue, formerly the Carlton House Hotel, for $280 million, according to the New York Post. The retail is at the base of a condominium conversion planned by Gary Barnett’s Extell Development and Angelo, Gordon & Co. The deal works out to about $8,235 per square-foot. [more]

    1 Comment
  • 666 Fifth Avenue

    Vornado Realty Trust has reached a deal to pay about $710 million for the retail portion of Kushner Companies’ 666 Fifth Avenue, the Wall Street Journal reported. The sale would drive the value of the retail space at the building, which spans an entire city block and houses shops such as Uniqlo and Hollister, to $1 billion, according to the Journal.

    In 2008, Crown Acquisitions and the Carlyle Group bought a 49 percent interest in the building’s retail section, valuing the asset at $525 million. If the transaction goes through, it will represent a significant profit for the sellers, a partnership of Crown, Carlyle and Kushner. [more]

  • 770 Broadway

    The tight Midtown South office leasing market just got a little bit of breathing room. The Wall Street Journal reported that ratings agency Nielsen has commissioned CBRE Group to market 158,000 square feet of its space for sublet at 770 Broadway, at East 9th Street.

    Asking rents for the space, in a Vornado Realty Trust building that also lists AOL, Huffington Post and J. Crew as tenants, were not disclosed. [more]

  • From left: Steven Roth, Kings Plaza Mall, Monmouth Mall and Green Acres Mall

    Vornado Realty Trust has commissioned Eastdil Secured to market its stakes in three New York City-area malls, the Wall Street Journal reported, as the investment trust looks to exit the sector. The Steven Roth-led firm wants to unload a 32.4 percent stake in Brooklyn’s Kings Plaza Regional Shopping Center, a 1.2 million-square-foot mall that’s 95.6 percent occupied and anchored by Sears, Lowe’s and Macy’s. The property has a $250 million mortgage and posts annual sales figures of $655 per square foot. [more]

    1 Comment

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News