Vornado buys office building in Queens
Vornado Realty Trust has purchased the eight-story Center Building in Long Island City, N.Y., from Madison Marquette for $142 million, or $325 per square foot.
The 437,000-square-foot office building is 98 percent occupied, and major tenants include Human Resources Administration, the New City Transit Authority and New York Foundling Hospital.
The building sits on 1.44 acres in the New York City borough of Queens with 71 underground parking spaces. Center Building was built in 1915 and remodeled in 2012 when Madison Marquette acquired it.
The deal has been in the works since November and includes an existing $62 million mortgage.
According to Real Capital Analytics, the acquisition is Vornado’s third property to purchase this year in the city. In January, the REIT purchased a 50 percent interest for a two-property portfolio from City Investment Fund. Portfolio consists of the Crowne Plaza Office, located at 220 W. 49th St. an