[[{“value”:”
**Vornado Acquires Plaza District Development Site for $141 Million**
Vornado Realty Trust has acquired a prime development site located at 3 East 54th Street in Manhattan for $141 million. The property, which covers 18,400 square feet of land, is a demolition-ready office site formerly owned by Cohen Brothers Realty.
Vornado secured ownership through the purchase of the mortgage in two separate transactions conducted in 2024 and 2025. The total loan balance accrued to $107 million, which was credited toward the final purchase price during the acquisition.
The site is ideally positioned between Fifth and Madison Avenues, adjacent to the renowned St. Regis Hotel and surrounded by top-tier Upper Fifth Avenue retail properties, many of which are also owned by Vornado. It is zoned for approximately 232,500 buildable square feet as of right. Vornado plans to promptly demolish the existing structures to pave the way for future development.
This acquisition enhances Vornado’s strong presence in Midtown Manhattan’s prestigious Plaza and Park Avenue districts. The company’s notable holdings in the area include 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 623 Fifth Avenue, 640 Fifth Avenue, 689 Fifth Avenue, and 1290 Avenue of the Americas.
Additionally, Vornado has previously acquired the office condominium at 623 Fifth Avenue from Cohen Brothers, further consolidating its position in this highly sought-after corridor of Manhattan real estate.
“}]]
