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News  ›  Benzinga

Vornado Acquires 3 East 54th Street, a Premier Plaza District Development Site

Benzinga Logo Benzinga By Globe Newswire
Vornado Acquires 3 East 54th Street, a Premier Plaza District Development Site

Vornado Realty Trust (NYSE:VNO) announced the acquisition of 3 East 54th Street in Manhattan's Plaza District for $141 million. The 18,400 square-foot demolition-ready site, located between Fifth and Madison Avenues near the St. Regis Hotel, is zoned for approximately 232,500 buildable square feet. Vornado acquired the property's mortgage in 2024-2025, with the $107 million loan balance credited toward the purchase price. The acquisition complements Vornado's existing nearby holdings in the Plaza District and Park Avenue.

Insights
VRSN   neutral

Berkshire sold 32% of shares to maintain ownership below 10%, with the sale aligned with previously announced intentions


VNO   positive

The acquisition of a prime Manhattan development site in a prestigious location (Plaza District between Fifth and Madison Avenues) with significant buildable square footage (232,500 sq ft) represents strategic expansion of Vornado's high-value real estate portfolio. The favorable financing structure, where the existing mortgage was credited toward the purchase price, demonstrates operational efficiency and value creation for the company.