Vornado increases stake in Farley Post Office redevelopment project

REIT purchased a portion of Related Companies’ ownership

TRD New York /
Oct.October 30, 2018 02:15 PM

From left: Vornado Realty Trust CEO Steve Roth, Farley Post Office and Related Companies CEO Steve Ross (Credit: Wikimedia)

Vornado Realty Trust increased its ownership in the 900,000-square-foot Farley Post Office redevelopment project.

Company CEO Steve Roth on Tuesday announced that the real estate investment trust purchased a portion of the stake owned by partner the Related Companies.

“We love Farley. . . Naturally, we want to own as much of it as we can,” he said on the company’s quarterly earnings call.

Vornado did not disclose financial terms of the deal.

The partners are targeting biotech and life-science tenants for the 900,000-square-foot office-and-retail project.

Vornado and Related landed a $271 million loan package from Duetsche Bank last year to fund the first steps of the project.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
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
A federal judge issued an injunction allowing TikTok to remain in app stores. The company recently signed a major office lease at One Five One in New York (Getty; iStock; Google Maps)

TikTok, savior of NYC’s office market, not yet banned in US

TikTok, savior of NYC’s office market, not yet banned in US
The pandemic is leading to huge losses in value for hotels, malls and other commercial properties (iStock)

Troubled commercial properties see values fall 27%: report

Troubled commercial properties see values fall 27%: report
Facebook CEO Mark Zuckerberg, a rendering of the Farley Post Office building redevelopment and Vornado's Steve Roth (Credit: Getty Images, VNO)

Facebook snagged $100M discount on Farley Post Office deal

Facebook snagged $100M discount on Farley Post Office deal
Blackstone's Frank Cohen and Amazon CEO Jeff Bezos with the HQ2 site (Getty; Blackstone; Google Maps)

Amazon grows HQ2 site near DC with hotel buy

Amazon grows HQ2 site near DC with hotel buy
Rendering of the Tokyo Tokiwabashi project (Courtesy of Mitsubishi)

Mitsubishi unveils design for Japan’s tallest skyscraper

Mitsubishi unveils design for Japan’s tallest skyscraper
arrow_forward_ios

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

Loading...