Vornado buys retail site in Manhattan for $355m
Vornado Realty Trust has paid $355 million for the 78,000-square-foot Old Navy building located at 144–150 W. 34th St. in New York City’s Herald Square. The sellers were Starwood Capital Group and Crown Acquisitions, which paid $252 million for the property in 2014. The property totals 77,760 square feet and is 100 percent leased to Old Navy, whose lease expires June 2020. The site on which the property sits could be redeveloped into a 300,000-square-foot retail and hotel tower. Other recent Manhattan transactions include joint venture partners Crown Acquisitions and Oxford Properties acquiring the remaining 50.1 percent stake in a four-property portfolio of assets known as the Olympic Tower Portfolio 2015. SL Green Realty Corp.