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Vornado Closes on 350 Park Ave.

NEW YORK CITY-The deal, made public a little over a month ago, closed today while also receiving $430 million, five-year financing.

By Katie Hinderer | Updated on December 14, 2006

NEW YORK CITY-Vornado Realty Trust has closed on the acquisition of 350 Park Ave. for $542 million. The property’s seller was not disclosed. Additionally the property has secured $430 million, five-year, interest only financing, according to a Vornado release.

The sale of the 538,000-sf class A office building was made public at the beginning of November, as GlobeSt.com reported. Vornado’s latest acquisition sits on Park Avenue between 51st and 52nd streets and is 100% occupied.

Vornado owns about two dozen office properties in Manhattan with the majority in midtown. Its holdings include 29, 31, 49 and 50 West 57th St., One Penn Plaza and 640 and 689 Fifth Ave.

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