Vornado to sell 1 Park Avenue for $650M: report

Vornado to sell 1 Park Avenue for $650M: report

Vornado Realty Trust is asking roughly $650 million for its 20-story office tower at 1 Park Avenue, Bloomberg News reported, citing unnamed sources.

Adam Spies and Douglas Harmon of Eastdil Secured were recruited to handle marketing for the property at East 33rd Street. The real estate investment trust saved the 925,000-square-foot tower from foreclosure in 2011 after paying $180 million to recapitalize and gain control of it from Norman Sturner’s Murray Hill Properties, as The Real Deal had reported at the time. [more]

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