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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