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**Vornado Acquires Plaza District Development Site for $141M**
Vornado Realty Trust has acquired a prime development site at 3 East 54th Street in Manhattan for $141 million. The property, previously owned by Cohen Brothers Realty, is a demolition-ready office asset situated on 18,400 square feet of land in Midtown’s prestigious Plaza District.
The acquisition was executed through two mortgage transactions completed in 2024 and 2025. Vornado had earlier acquired the mortgage on the property, which had accrued a loan balance of $107 million. This amount was credited towards the final purchase price as part of the acquisition deal.
Located between Fifth and Madison avenues, the site neighbors notable landmarks and high-end properties, including the St. Regis Hotel and several Upper Fifth Avenue retail properties already owned by Vornado. The plot is zoned for approximately 232,500 buildable square feet, allowing for significant development potential. Vornado has stated that it plans to move forward with the prompt demolition of current structures on the site to make way for future development.
This strategic acquisition enhances Vornado’s holdings in one of Manhattan’s most sought-after commercial real estate corridors. It builds upon its existing portfolio in the Plaza District and along Park Avenue, which includes properties at 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 623 Fifth Avenue, 640 Fifth Avenue, 689 Fifth Avenue, and 1290 Avenue of the Americas.
Vornado had previously acquired the office condominium at 623 Fifth Avenue from Cohen Brothers, further solidifying its presence in the area.
This acquisition represents a significant move in Vornado’s continued investment in Midtown Manhattan’s premier business and retail destinations.
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