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.”
Continuum Cos. chairman Ian Bruce Eichner has said publicly that his firm will create a mixed-use development on the site, consisting of 650,000 square-foot twin residential towers that will include 70,000 square feet of retail. Eichner was unavailable at press time to comment on how the land sale might impact Continuum's project. Watch this space for an update next week.
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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.
