Vornado pays $39M to up stake in 1601 Broadway

Times Square property now valued at about $480M is home to a Crowne Plaza

New York /
Jan.January 30, 2015 04:48 PM

UPDATED, 4:05 p.m., Feb. 17: Vornado Realty Trust paid $39 million to increase its stake in 1601 Broadway, a 46-story commercial mixed-use building in Times Square that is home to a Crowne Plaza, according to property records filed with the city and a press release from the real estate investment trust.

The seller of the stake was the City Investment Fund, property records show. The site has about 216,000 square feet of unused air rights, according to PropertyShark.

Vornado grew its stake in the building from 11 percent to 33 percent with the $39 million deal, then paid $95 million for another 24 percent share, bringing its ownership stake to 57 percent, Vornado said in the release.

The nine-floor office component of the current building is about 230,000 square feet, according to Vornado’s website. A New York Sports Club sits at the base of the tower.

Representatives for Vornado couldn’t immediately be reached for comment.


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