Vornado Realty Trust Acquires 3 East 54th Street, A Demolition-Ready Asset Situated On 18,400 Square Feet Of Land, For $141M

Vornado Realty Trust (NYSE:VNO) announced today that it has acquired 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141 million. Vornado acquired the mortgage on this property in two transactions in 2024 and 2025; the loan balance has accrued to $107 million, including default interest and advances. In connection with the acquisition, the $107 million loan balance was credited towards the purchase price.

The site is located between Fifth Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and prime Upper Fifth Avenue retail properties owned by Vornado. The land is zoned for approximately 232,500 buildable square feet as-of-right and we intend to promptly demolish the existing buildings on the site.

This acquisition further complements Vornado's nearby Plaza District and Park Avenue holdings of 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 623 Fifth Avenue, 640 Fifth Avenue, 689 Fifth Avenue and 1290 Avenue of the Americas.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.