Vornado (VNO) Realty Trust announced that it has acquired 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141M. Vornado acquired the mortgage on this property in two transactions in 2024 and 2025; the loan balance has accrued to $107M, including default interest and advances. In connection with the acquisition, the $107M loan balance was credited towards the purchase price. The site is located between Fifth Avenue and Madison Avenue 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 and we intend to promptly demolish the existing buildings on the site.
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