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]
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