Vornado Realty Trust barely made a peep when it bought up a pair of Duell Management properties on Madison Avenue late last year for $60 million.
The Steve Roth-led real estate investment trust bought the two adjoining buildings at 1167 Madison Avenue and 50 East 86th Street in December, the New York Post reported.
Duell sold the Madison Avenue building, a retail property that’s home to trendy eatery Ristorante Morini, for $40 million, property records show. Duell also sold the 86th Street property, a five-story rental apartment building, for $20 million.
Vornado did not comment to the Post, which speculated that the REIT could hold the properties while buying up air rights.
Duell has been selling a number of properties recently. Late last year the Midtown-based firm sold a trio of properties in Greenwich Village and the Upper East Side for $76 million. [NY Post, 2nd item] – Rich Bockmann