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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).
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