{"id":1004758083,"date":"2025-05-15T02:15:22","date_gmt":"2025-05-15T10:15:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004758083"},"modified":"2025-05-16T01:15:50","modified_gmt":"2025-05-16T09:15:50","slug":"vornado-jv-to-sell-manhattan-building-for-205m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-jv-to-sell-manhattan-building-for-205m\/","title":{"rendered":"Vornado JV to Sell Manhattan Building for $205M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a14083a24732&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004758088\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-to-sell-manhattan-building-for-205m\/512-west-22nd-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/512-West-22nd-St.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"512 West 22nd St\" data-image-description=\"&lt;p&gt;Exterior shot of 512 West 22nd St., a Manhattan office building.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Originally completed in 1920, the building was converted into office space in 2018. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/512-West-22nd-St.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/512-West-22nd-St.jpg\" alt=\"Exterior shot of 512 West 22nd St., a Manhattan office building.\" class=\"wp-image-1004758088\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/512-West-22nd-St.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/512-West-22nd-St.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Originally completed in 1920, the building was converted into office space in 2018.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between Vornado Realty Trust and The Albanese Organization has entered into an agreement to sell 512 W. 22nd St., a Manhattan office building, for $205 million. The deal is expected to close next quarter.<\/p>\n\n\n\n<p>The companies will use a portion of the proceeds to repay the $123.6 million mortgage loan encumbering the property. Vornado owns 55 percent of the asset.<\/p>\n\n\n\n<p>The 173,000-square-foot property is in the Chelsea neighborhood, 1 mile from the Flatiron Building and the Empire State Building.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/whos-buying-distressed-office-buildings\/\">Who\u2019s Buying Distressed Office Buildings?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Completed in 1920, the 11-story building was converted from industrial into office space in 2018, following designs by CookFox Architects. The venture funded the redevelopment with a $55.3 million construction loan from PNC Bank, according to CommercialEdge information.<\/p>\n\n\n\n<p>The LEED Silver-certified property has floorplates ranging from 9,900 to 22,900 square feet, as well as 9,900 square feet of first-floor retail space. Amenities include a rooftop terrace, five passenger elevators and a garden.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-office-sales-volume-ranks-first-nationally\">Manhattan office sales volume ranks first nationally<\/h2>\n\n\n\n<p>Manhattan\u2019s office investment volume for the first quarter clocked in at more than $2 billion, dominating the national ranking, according to a <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-office-report-april-2025\/\">CommercialEdge office report<\/a>. Assets in the metro traded at an average of $439 per square foot, the second-highest rate nationally. Additionally, the borough\u2019s vacancy rate at the end of March was 16.5 percent, down a promising 100 basis points year-over-year.<\/p>\n\n\n\n<p>In another headline-worthy Manhattan move, Tishman Speyer is reportedly set <a href=\"https:\/\/www.commercialsearch.com\/news\/report-tishman-speyer-to-purchase-nyc-building-for-108m\/\">to acquire 148 Lafayette St<\/a>., a 150,000-square-foot office building in the SoHo neighborhood, for about $108 million. The deal is expected to close this month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than a century old, the Chelsea property was converted in 2018.<\/p>\n","protected":false},"author":3355,"featured_media":1004758088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[33030],"class_list":["post-1004758083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vornado JV to Sell Manhattan Building for $205M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The Albanese Organization and Vornado Realty Trust entered into an agreement to sell 512 W. 22nd St., an office building, for $205 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-to-sell-manhattan-building-for-205m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado JV to Sell Manhattan Building for $205M\" \/>\n<meta property=\"og:description\" content=\"The Albanese Organization and Vornado Realty Trust entered into an agreement to sell 512 W. 22nd St., an office building, for $205 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-to-sell-manhattan-building-for-205m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-15T10:15:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-16T09:15:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/512-West-22nd-St.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-to-sell-manhattan-building-for-205m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-to-sell-manhattan-building-for-205m\/\",\"name\":\"Vornado JV to Sell Manhattan Building for $205M - 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