News
New York Office

Vornado Snags $80M Ground Lease on Far West Side

Vornado has picked up a 99-year ground lease for 260 11th Ave (aka the Otis Elevator Building) on Manhattan’s far West Side. The investment in the seven-story building and surrounding grounds will take the form of $80M in stock units in a new operating partnership. The plan for the site, which includes a 10k SF parking lot and additional development rights, is to expand and capitalize on increasing office demand, Crain’s reports. The seller hasn’t been disclosed. Vornado will have the option to buy the land under the building for $100M. The City of New York is the current tenant, and its lease runs through 2021. [Crain's]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject