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


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

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

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

Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook with a rendering of the Farley development (Credit: Getty Images, SOM iStock)

Facebook facing off with Apple over space in Vornado’s Farley Building conversion

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

220 Central Park South and Michael Cantanucci (Credit: Getty Images and Google Maps)

Car dealer drops $38M for condo at 220 CPS

Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook in talks for massive lease at Vornado’s Farley Building