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New York & Tri-State  + Midtown New York  + Office  | 

Vornado Acquires Plaza District Development Site

Vornado Realty Trust has acquired 3 E. 54th St., a demolition-ready office property situated on 18,400 square feet of land, for $141 million. The REIT acquired the mortgage on the property, formerly owned by Cohen Brothers Realty, in two transactions in 2024 and 2025; the loan balance has accrued to $107 million. In connection with the acquisition, the $107-million loan balance was credited towards the purchase price.

The site is located between Fifth and Madison avenues on 54th Street, adjacent to the St. Regis Hotel and prime Upper Fifth Avenue retail properties owned by Vornado. The land is zoned for approximately 232,500 buildable square feet as of right. Vornado intends to promptly demolish the existing buildings on the site.

The company said the acquisition further complements its nearby Plaza District and Park Avenue holdings of 280 Park Ave., 350 Park Ave., 595 Madison Ave., 623 Fifth Ave., 640 Fifth Ave., 689 Fifth Ave. and 1290 Ave. of the Americas.

Vornado previously acquired the office condominium of 623 Fifth Ave. from Cohen Brothers.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition