Back in August, Vornado Realty Trust mulled the idea of a residential conversion at the 27-story, 473,000 square-foot office building at 20 Broad Street, in the Financial District. Now, Nathan Berman is purchasing the leasehold from Vornado and reportedly following through with the conversion to rental apartments, per Crain’s. The New York Stock Exchange — expected to vacate the structure next August — owns the land under the building, and the lease expires in 2081.
Earlier this week, we posted photos of work at 217 West 57th Street as viewed from the street level, and now we have a fresh set of overhead shots from reader Andrew McKeon, featuring both 220 Central Park South and 217 West 57th Street. And when comparing with the last set of similar shots from February, progress has been very significant.
Vornado Realty Corp. and Kushner Companies are proposing to redevelop the 41-story, 1.5-million square-foot commercial building at 666 Fifth Avenue, in Midtown between East 52nd and 53rd Streets, into a 1,400-foot-tall mixed-use tower. According to the New York Post, the building would include a significant retail podium, which will be topped by a slender tower featuring a hotel and residences. Zaha Hadid has been tasked to design, and Kushner owns a majority of the property, although Vornado currently owns the building’s retail condominium along Fifth Avenue, and Zara owns a separate retail portion.
Vornado Realty Trust is exploring the idea of converting the 27-story, 473,000 square-foot office building at 20 Broad Street, in the Financial District, into residential units, according to Crain’s. Vornado may decide to keep the building as office space, but could also purchase and demolish the building once New York Stock Exchange vacates the building next year; their lease of 381,000 square feet expires in August. Currently, Vornado ground-leases the property.
Vornado Realty Trust has purchased the seven-story Otis Elevator Building at 260 11th Avenue, in West Chelsea, for roughly $80 million in stock units, according to Bloomberg Business, and is leasing the land under the building for 99 years. Vornado is planning to convert the building into office space; an expansion is also possible as the building has available development rights.