Vornado Realty Trust

Vornado reveals new renderings for 62-story office tower at 350 Park Avenue

Renderings courtesy of Foster + Partners

April 16, 2024

Vornado reveals new renderings for 62-story office tower at 350 Park Avenue

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A supertall office tower long planned for Midtown is finally moving forward. During a breakfast held by the Association for a Better New York, Mayor Eric Adams on Tuesday revealed new details and renderings for 350 Park Avenue, a 62-story building developed by Vornado Realty Trust, Citadel, and Rudin Management. Designed by Foster + Partners, the tower, which will bring 1.8 million square feet of office space and a new public concourse to Midtown East, will enter the city's public review process early next year.
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Vornado floats temporary outdoor event space at site of demolished Hotel Pennsylvania

All renderings are conceptual. Courtesy of Vornado

February 16, 2024

Vornado floats temporary outdoor event space at site of demolished Hotel Pennsylvania

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Vornado Realty Trust may bring an outdoor event space to the site of the former Hotel Pennsylvania as it delays constructing a 56-story office tower there. As first reported by Crain's, the developer has floated the idea of "Penn Platform," an 80,000-square-foot space for U.S. Open tennis matches, New York Fashion Week shows, concerts, soccer matches, and other events, in addition to giant billboards, as seen in conceptual renderings published in a marketing brochure. Located on 7th Avenue between 32nd and 33rd Streets, the site sits across from Penn Station and was once home to a 100-year-old hotel, which was demolished last year.
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Penn Station opens new accessible entrance with glass canopy at 7th Ave and 32nd Street

All images courtesy of Fernando Sandoval/MW

November 20, 2023

Penn Station opens new accessible entrance with glass canopy at 7th Ave and 32nd Street

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Travelers will now have a much easier time entering Penn Station. The transit hub's busiest entrance at 7th Avenue and 32nd Street reopened on Sunday following a renovation led by Amtrak and Vornado Realty Trust. The passageway is now fully ADA-accessible, with a 50 percent wider entrance, a new elevator, two new escalators, and a new glass canopy designed by Norman Foster's Foster + Partners that replaces the original concrete overhang.
take a look
Wegmans officially opens in the East Village

All images courtesy of Wegmans

October 18, 2023

Wegmans officially opens in the East Village

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Manhattan's first Wegmans grocery store has finally opened its doors. Located at 770 Broadway in the East Village, the 87,500-square-foot Wegmans Astor Place offers the grocer's signature affordable prices and prepared food options, as well as Next Door, a 94-seat restaurant with a sushi bar and Champagne-oyster bar which is expected to open during the first half of 2024. The grocery store, which replaced a Kmart, is open from 7 a.m. to 11 p.m.
See INSIDE
Manhattan’s first-ever film and TV studio coming to Pier 94

Renderings courtesy of Sunset Studios

August 30, 2023

Manhattan’s first-ever film and TV studio coming to Pier 94

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Vornado Realty Trust is joining forces with industry giants Blackstone and Hudson Pacific Properties to transform Manhattan's Pier 94 into the borough's first-ever major TV and film studio production complex. Work is expected to begin later this year on the 266,000-square-foot campus, known as Sunset Pier 94 Studios, which will include six soundstages, offices, a writers' room, and public amenities along Manhattan's West Side, according to the Wall Street Journal. The $350 million project could be completed by the end of 2025.
Learn more about Manhattan's first film studio
$80M penthouse sale at 220 Central Park South is one of year’s biggest deals

Photo of 220 Central Park South in front of 111 West 57th Street (cropped) by Jim Henderson via Wikimedia Commons

August 21, 2023

$80M penthouse sale at 220 Central Park South is one of year’s biggest deals

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One of New York City's best-selling condo buildings locked in one of the biggest deals of the year so far. An 8,000-square-foot duplex penthouse at 220 Central Park South on Billionaires' Row is selling for roughly $80 million, the Wall Street Journal first reported. The seller is linked to investment firm Nima Capital, which paid around $65.6 million for the property in October 2020.
Details here
Wegmans announces October opening for first Manhattan store

All images courtesy of Wegmans

July 27, 2023

Wegmans announces October opening for first Manhattan store

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Mark your calendars. Manhattan's first Wegmans grocery store will officially open on October 18, the company announced Thursday. The 87,500-square-foot store will open at 770 Broadway in the East Village, replacing the Kmart on Astor Place, which closed in 2021. Not only will the store offer the grocer's signature affordable prices and prepared food options, but Wegmans Astor Place will also have a 94-seat restaurant with a sushi bar and Champagne-oyster bar.
Get ready
Vornado pauses plan to redevelop area around Penn Station

Rendering courtesy of Gov. Kathy Hochul’s office

February 16, 2023

Vornado pauses plan to redevelop area around Penn Station

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The plan to redevelop the area around Penn Station with several new skyscrapers is officially on hold. During a conference call this week, Steven Roth, the chief executive officer at Vornado Realty Trust, the developer behind the project, said new construction is "almost impossible" because of current market conditions, as Crain's first reported.
Details here
First Wegmans store in Manhattan will have a seafood restaurant and sushi bar

Wegmans’ opening day in Brooklyn Credit: Steiner NYC

January 5, 2023

First Wegmans store in Manhattan will have a seafood restaurant and sushi bar

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Manhattan's first-ever Wegmans grocery store is opening this year. Located at Vornado Realty Trust's 770 Broadway in the East Village, the grocery store chain, beloved for its prepared food options and affordable prices, will replace the Kmart on Astor Place, which closed in 2021. In addition to its usual offerings, the store will feature a 94-seat seafood restaurant with an oyster counter and a 10-seat sushi bar, as first reported by Eater New York. The store is expected to open during the second half of 2023.
Details here
Wegmans will open in the old Astor Place Kmart location in 2023

Photo of 770 Broadway (cropped) via Wikimedia Commons

July 29, 2021

Wegmans will open in the old Astor Place Kmart location in 2023

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Earlier this month, the Kmart on Astor Place, a strangely beloved neighborhood fixture, closed abruptly after 25 years. The store at 770 Broadway was one of only two locations in Manhattan; the Penn Station outpost closed in early 2020. Now, landlord Vornado Realty Trust has announced that they will bring in Wegmans grocery store as the new tenant, scheduled to open in the second half of 2023.
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Here’s what Facebook’s huge new office will look like at Midtown’s former Farley Post Office

Rendering courtesy of Vornado Realty Trust

August 4, 2020

Here’s what Facebook’s huge new office will look like at Midtown’s former Farley Post Office

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Facebook has signed a lease for 730,000 square feet at the former James A. Farley Post Office, a Midtown landmark currently being converted into a mixed-use building, Vornado Realty Trust announced Monday. Reports of the deal first surfaced last December, but the coronavirus pandemic put into question the need for massive office space with thousands of workers. But Gov. Andrew Cuomo said the deal shows New York's resilience as the city recovers from the crisis. "Vornado's and Facebook's investment in New York and commitment to further putting down roots here - even in the midst of a global pandemic - is a signal to the world that our brightest days are still ahead and we are open for business," Cuomo said in a statement. "This public-private partnership fortifies New York as an international center of innovation."
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Facebook and Apple are battling for office space at Midtown West’s former Farley Post Office

Rendering courtesy of Skidmore, Owings & Merrill courtesy of Gov. Cuomo’s office

October 16, 2019

Facebook and Apple are battling for office space at Midtown West’s former Farley Post Office

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Two major tech companies are vying for office space at the former James A. Farley Post Office in Manhattan. The New York Post reported on Tuesday that Facebook and Apple both want to lease space at the former post office which is being converted by Vornado Realty Trust into a mixed-use site with 740,000 square feet of office space and a new train hall underneath. In September, it was reported that Facebook was in advanced talks for office space, but according to the Post, Apple has "suddenly decided it, too, wants all four floors of Farley's office space."
Get the details
Proposed project from Vornado and Rudin calls for 1,450-foot tower in Midtown East

Via Vornado Realty Trust and Rudin Management Company

May 6, 2019

Proposed project from Vornado and Rudin calls for 1,450-foot tower in Midtown East

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A tentative joint venture between two developers could bring another supertall to Midtown East. Vornado Realty Trust and Rudin Management Company may team up to develop a 1,450-foot office tower at 350 Park Avenue, the Real Deal reported Friday. A leaked brochure for the potential project includes renderings of the proposed tower, revealing a glassy building with a series of setbacks that would allow for outdoor terraces and floorplates of various sizes.
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Billionaire Ken Griffin buys $240M NYC penthouse, the most expensive home sold in the U.S.

Via Vornado Realty Trust and Robert A.M. Stern Architects

January 23, 2019

Billionaire Ken Griffin buys $240M NYC penthouse, the most expensive home sold in the U.S.

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Update 1/29/19: The penthouse officially closed on January 23, 2019, for $239,958,219, more than was originally reported. Billionaire Ken Griffin has closed on a penthouse at 220 Central Park South for $238 million, setting the record for the most expensive home ever sold in the United States, as the Wall Street Journal first reported. Griffin, who founded Citadel, first signed the contract to buy a 24,000-square-foot unit at the under-construction tower in 2015. The hedge fund mogul reportedly picked up the pricey digs as "a place to stay when he's in town," since his company is looking to expand its footprint in New York City.
More on record-breaking deal
Vornado releases new renderings of $200M Penn Plaza redevelopment
October 31, 2018

Vornado releases new renderings of $200M Penn Plaza redevelopment

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REIT Vornado Realty Trust expects to be starting work on the first phase of renovation at Pennsylvania Plaza before the end of this year according to CEO Steve Roth, The Real Deal reports. The $200 million "megacampus" redevelopment project plan for the 2.5 million-square-foot building at One Penn Plaza–including a double-height lobby–is expected to be completed in two years. In 2016 Vornado released renderings for Two Penn Plaza by starchitect Bjarke Ingels. New renderings were released Wednesday on the company's website.
See more renderings, this way
Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

Google Street View of 666 Fifth Avenue

June 4, 2018

Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

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Kushner Companies has agreed to purchase the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust for $120 million, nearly wrapping up the drawn-out saga of the problem-plagued condo tower. According to the Wall Street Journal, Vornado said the contract with Kushner is expected to close in the third quarter of this year and is conditional and "there can be no assurance that this transaction will be completed." Kushner Cos. first purchased the 41-story building in 2007 for a record $1.8 billion, but the economic recession created enormous financial strain for the company. To help restructure the building's major debt, they brought in Vornado, which purchased the stake in the building for $80 million and the assumption of half the property's $1.2 billion mortgage in 2011.
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Vornado likely to keep Bjarke Ingels’ wave-like canopy design for 2 Penn Plaza overhaul

Rendering via BIG

May 2, 2018

Vornado likely to keep Bjarke Ingels’ wave-like canopy design for 2 Penn Plaza overhaul

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Instead of razing and redeveloping its 2 Penn Plaza office tower, Vornado Realty Trust said on Tuesday it will simply renovate the building. As Commercial Observer reported, the company's CEO, Steven Roth, said earlier plans of demolishing the 31-story tower and grabbing 5 million square feet of development rights from Madison Square Garden to build a bigger tower, would not be feasible. Moving forward with option B, Vornado will likely stick with designs from Bjarke Ingels Group. More than two years ago, BIG revealed renderings that showed a wave-like canopy of glass panels that would envelope 2 Penn Plaza above the retail entrances on the ground floor.
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Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

Google Street View of 666 Fifth Avenue

April 9, 2018

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

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Update 4/9/18: Vornado announced on Friday that it reached a "handshake" deal to sell its stake at 666 Fifth Avenue back to the Kushner Cos, according to the New York Times. It remains unclear if the Kushners have found a new partner. Steven Roth, chairman of Vornado, in the filing, said the payment would cover the company's investment: "The existing loan will be repaid including payment to us of the portion of the debt we hold." Kushner Cos. said this week it is in talks to buy the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust, furthering the drama at the 41-story Midtown Manhattan office building, according to the Wall Street Journal. The tower has remained one of Kushner Cos. most financially troubled projects. In addition to its debt and high rates of vacancy, the building has been mired in controversy, mostly due to Jared Kushner's role as a senior adviser and son-in-law to President Donald Trump. While Jared divested in the property to avoid conflicts of interest, investors have been reluctant from entering a deal with Kushner Cos.
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Revamped Farley Post Office may include a life science research center

Rendering courtesy of Skidmore, Owings & Merrill via Gov. Cuomo’s office

April 2, 2018

Revamped Farley Post Office may include a life science research center

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Recognizing life sciences as New York City's next largest growth sector, Vornado Realty Trust and Related Companies hope to attract tech companies to the redevelopment of the James A. Farley Post Office. The joint venture will develop 850,000 square feet of commercial space, with roughly 730,000 square feet set aside for office space. The developers, which have a 99-year lease, are seeking biotechnology and pharmaceutical businesses as tenants, according to the Wall Street Journal. The team has hired a Boston-based broker with experience in the life-sciences real-estate market and has also created a brochure with possible designs for laboratory and office space. The brochure is titled "Moynihan Research Center at Farley."
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Vornado pitches new Moynihan Train Hall for Amazon’s second headquarters
October 31, 2017

Vornado pitches new Moynihan Train Hall for Amazon’s second headquarters

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Earlier this month, New York City officially pitched four neighborhoods to house Amazon’s HQ2: Long Island City, the Brooklyn Tech Triangle, Lower Manhattan and Midtown West. During its third-quarter earnings call Tuesday, Vornado Realty Trust said the Moynihan Train Hall remains at the forefront of the city’s Midtown West bid, citing the project’s proposed 730,000 square feet of office space and 120,000 square feet of retail as meeting the retailer's key requirements (h/t Commercial Observer). Vornado, along with Related Companies, Skanska USA, and architecture firm Skidmore, Owings & Merrill, is converting the former James A. Farley Post Office into the Moynihan Train Hall, an effort led by Governor Andrew Cuomo to create a world-class transit center.
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Kushner Companies’ plan for extensive renovations at 666 Fifth Avenue rejected by Vornado

A previous rendering of 666 Fifth Avenue, courtesy of Kushner Companies/Zaha Hadid Architects

October 16, 2017

Kushner Companies’ plan for extensive renovations at 666 Fifth Avenue rejected by Vornado

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Instead of the 41-story Midtown tower becoming an 80-story office building with hotel rooms and luxury housing, 666 Fifth Avenue will now get a much more simple upgrade. According to Bloomberg, Vornado Realty Trust, the project’s partner alongside Kushner Companies, told brokers the property will remain an office building, with“mundane” renovations planned. As one of the most financially troubled developments for Kushner Cos., the Fifth Ave project has been losing money since its purchase was first coordinated by Jared Kushner, currently a senior advisor to President Donald Trump, in 2007.
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Problems at 666 Fifth Avenue tower linked to Jared Kushner’s White House role

A rendering of 666 Fifth Avenue, courtesy of Kushner Companies/Zaha Hadid Architects

September 14, 2017

Problems at 666 Fifth Avenue tower linked to Jared Kushner’s White House role

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In 2007, Kushner Companies purchased a 41-story tower in Midtown for $1.8 billion, which was the most expensive real estate deal ever in the U.S. at the time. The transaction of 666 Fifth Avenue, coordinated by Jared Kushner, now a senior advisor to President Donald Trump, was ill-timed, making the purchase just before the economic recession. As the Washington Post reported, the Fifth Avenue project is one of the most financially troubled for Kushner Cos., with one-fourth of office space empty, and its lease revenue not covering monthly interest payments. While Kushner has divested his stake in the property to avoid conflicts of interest, the property's value has dropped and foreign entities have withdrawn financial support. Currently, Kushner’s dealings are under investigation by special counsel Robert Mueller, as part of the broader investigation into Russian collusion with the Trump campaign.
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Finance firms in talks to move to Vornado’s proposed Hotel Pennsylvania-replacing supertall

A rendering of the Pelli Clarke Pelli design for 15 Penn Plaza, courtesy of Vornado

May 10, 2017

Finance firms in talks to move to Vornado’s proposed Hotel Pennsylvania-replacing supertall

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Plans to replace the century-old Hotel Pennsylvania with a 1,216-foot office building have surfaced again. Financial firms Morgan Stanley and Deutsche Bank are reportedly contemplating a move to Vornado Realty Trust’s planned supertall skyscraper, 15 Penn Plaza, according to the Post. Vornado first won the city’s approval in 2007 to build a supertall at the location of Hotel Pennsylvania on Seventh Avenue and nearly signed a deal with Merrill Lynch to be a tenant until the financial crisis dissolved the agreement. This design, by Pelli Clarke Pelli, is being presented to the firms along with new options says a source.
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Off the avenue: Is Park Avenue losing its edge in the office market?
August 22, 2016

Off the avenue: Is Park Avenue losing its edge in the office market?

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Park Avenue has for decades been the office district of choice for many of the city's high-profile–and high-rent–corporations. But a recent Crain's article points to impending departures–such as the decision of investment firm Black Rock to decamp for new space in Hudson Yards or the World Trade Center, raising the question of whether the avenue's biggest office zone, from East 45th to East 59th streets, is falling out of favor with big-ticket business tenants. The city's office market is, without a doubt, changing. Industries like tech are growing and the financial industry is consolidating and in some cases downsizing its office space. The neighborhood, which charges the city's highest average rents, has been slow to catch up with the needs of new office tenants.
People moving out, people moving in
Transit Think Tank Says MSG Move Could Be a $5B Example of ‘Architects Run Wild’

Rendering for a proposed new MSG by Kohn Pedersen Fox Associates

April 27, 2016

Transit Think Tank Says MSG Move Could Be a $5B Example of ‘Architects Run Wild’

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Moving MSG to make room for a bigger, better Penn Station train hub would be really expensive and probably not a good idea, according to a new report by transit think tank Rudin Center for Transportation Policy. Commercial Observer reports that the just-released study outlines the concern that moving the arena would come with a price tag of over $5 billion, take, like, forever, and would generally "become an urban planner’s worst nightmare." The study refers to the proposed overhaul of Pennsylvania Station and the idea of extending it to the post office off Eighth Avenue as well as suggestions by urban planners for relocating MSG.
So what's going to cost so much?
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