Vornado Acquires 3 East 54th Street, a Premier Plaza District Development Site

Core Viewpoint - Vornado Realty Trust has acquired a demolition-ready property at 3 East 54 Street for $141 million, leveraging a previously accrued loan balance of $107 million towards the purchase price [1][2][3] Group 1: Acquisition Details - The property spans 18,400 square feet of land and is located between Fifth Avenue and Madison Avenue, adjacent to the St. Regis Hotel and other prime retail properties owned by Vornado [1][2] - The site is zoned for approximately 232,500 buildable square feet, and Vornado plans to demolish the existing buildings promptly [2] Group 2: Strategic Fit - This acquisition enhances Vornado's existing portfolio in the Plaza District and Park Avenue, which includes notable properties such as 280 Park Avenue, 350 Park Avenue, and 595 Madison Avenue [3]