New York & Tri-State + Midtown New York + Office | August 16, 2023

Vornado Contemplates Sale of Farley Building

Vornado Realty Trust is considering various options for its redeveloped Farley Building, including a partial or complete sale, as it looks to enhance liquidity amid a challenging commercial property market, first reported by Bloomberg.

The building, a former Post Office, is currently leased to tech giant Meta Platforms (formerly Facebook) and is located opposite New York’s Pennsylvania Station. Discussions are in their early stages, and Vornado has engaged Newmark Group’s US capital markets co-heads, Adam Spies and Douglas Harmon, to assist with the process.

Vornado has been looking to strengthen its liquidity by selling assets amid rising borrowing costs and falling property values.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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