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News  ›  GlobeNewswire Inc.

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

GlobeNewswire Inc. Logo GlobeNewswire Inc. By Na
Vornado Acquires 3 East 54th Street, a Premier Plaza District Development Site

Vornado Realty Trust announced the acquisition of 3 East 54th Street, a demolition-ready property on 18,400 square feet of land in Manhattan, for $141 million. The company acquired the mortgage on the property in 2024-2025 with a loan balance of $107 million, which was credited toward the purchase price. The site is zoned for approximately 232,500 buildable square feet and complements Vornado's existing Park Avenue and Fifth Avenue holdings.

Insights
VNO   positive

The acquisition of a prime Manhattan property in a strategic location adjacent to the St. Regis Hotel and complementing existing high-value holdings demonstrates active portfolio expansion and development opportunities. The company's ability to convert a mortgage into an acquisition with significant buildable square feet (232,500 sq ft) indicates strong strategic positioning and growth potential in a premium real estate market.