Vornado looks to sell retail condo, apartments at UES building

Offering at the Lucida could fetch $225M: sources 

TRD New York /
Sep.September 26, 2017 06:10 PM

Vornado Realty Trust is looking to sell off a fully leased retail condo and a block of apartments at the Lucida on the Upper East Side.

The real estate investment trust brought on Eastdil Secured to market the building at 151 East 85th Street, Real Estate Alert reported. Sources said the property is expected to trade for around $225 million.

The offering includes 96,000 square feet of retail, which is occupied by Bank of America, Barnes & Noble, H&M and Sephora. It also includes 24 apartments inside the 146,000-square-foot building.

The retail and apartments are on a ground lease with the estate of Sol Goldman through 2082. Vornado bought them for $165 million in 2010 from Extell Development and the Carlyle Group, which developed the property in 2007.

The offering is one of the last properties remaining in Vornado’s $800 million Vornado Capital Partners Fund.

The Lucida holds roughly 100 individually owned residential condos. Average asking rents for ground-floor retail space on East 86th Street between Lexington and Second avenues fell 12 percent in the spring to $399 per square foot from a year ago, according to data from Real Estate Board of New York. [REA] – Rich Bockmann


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
220 Central Park South (Getty)

Duplex sells at Vornado’s 220 CPS for $65M

Duplex sells at Vornado’s 220 CPS for $65M
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
220 Central Park South and Steve Roth (Google Maps, Getty)

Another 220 Central Park South condo sells for $61.6M

Another 220 Central Park South condo sells for $61.6M
(iStock)

Remote work threatens cash flows for office REITs

Remote work threatens cash flows for office REITs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...