New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Vornado Takes 95% Stake in Farley Project
Vornado Realty Trust has increased its stake in the Farley Post Office redevelopment to 95%, buying most of Related Companies’ share in the venture. The REIT paid $41.5 million to acquire 44.9% of the venture from Related, leaving Related with a 5% interest in what will be 850,000 square feet of commercial space surrounding the future Moynihan Train Hall across the street from Penn Station.
“We think Farley is an extraordinary property,” Vornado chairman Steven Roth said on an analyst call earlier this week. “And naturally we want to own it as much as we can.”
The 730,000 square feet of office and 120,000 square feet of retail that will be developed in the Farley project will be added to Vornado’s total of nine million square feet in Penn Plaza holdings. Vornado is simultaneously proceeding with a comprehensive redevelopment of its Penn Plaza properties, which Roth called “our main events.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
