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.
The current round of the 57th Street boom is making rapid progress, and construction work at 220 Central Park South in particular is moving quickly. Despite all the momentum, slight uncertainty has surrounded the building’s final design, but YIMBY now has a fresh rendering confirming the skyscraper’s ultimate appearance.
Vornado Realty Trust has acquired the low-rise retail building at 144-150 West 34th Street, in Midtown South, for $355 million from a partnership between Starwood Capital Group and Crown Acquisitions. The three-story, 78,000 square-foot building is leased by Old Navy; their lease expires in five years, and the property boasts 300,000 square feet of commercial building rights if redeveloped.
Since YIMBY last checked in on progress at 220 Central Park South and 217 West 57th Street, the latter building has been revealed in official renderings. But now we have an update on both sites from YIMBY reader ILNY, with the latest set of photos peeking into the projects from ground level.
The famed Rizzoli Bookstore at 31 West 57th Street has bitten the dust, to be replaced by a “seven-star” hotel developed by the LeFrak Organization and Vornado Realty. The 109-year-old shop between Fifth and Sixth Avenues shuttered a year ago, despite the efforts of preservationists who tried to get Landmarks protection for the interior.