Vornado to Buy Stake in NYC Office Tower Valued at $1.1 Billion

Vornado Realty Trust is acquiring a stake in Manhattan’s Park Avenue Plaza, in a deal that values the building at $1.1 billion.

Vornado agreed to buy a 49% interest in the property at 55 E. 52nd St. from Chinese real estate mogul Zhang Xin’s Closer Properties, according to a statement Tuesday.

Buildings on Park Avenue in the Plaza District of New York.

Photographer: John Taggart/Bloomberg

The 1.2 million-square-foot tower is leased to tenants including Evercore Inc. and Morgan Stanley. It was last appraised at $1.063 billion in August 2021, according to loan data compiled by Bloomberg.

Fisher Brothers will keep its 51% ownership interest and will continue to manage and lease the property, ...