NEW YORK CITY-Vornado Realty Trust has completed the previously announced sale of Harlem Park, a parcel of land on 1800 Park Ave., at 125th street, for $66 million plus additional amounts which may be received for brownfield credits.
The sale resulted in net proceeds of approximately $63 million and a net gain of approximately $23 million, which will be recognized in the fourth quarter.
Vornado had planned to build an office tower on the site, but it scrapped that plan back in 2008 when, according to a spokesman, the company decided “the economics are not warranted today to do that job.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
