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Vornado Eyeing Sale of One Park Ave.

NEW YORK CITY-The REIT is asking approximately $650 million for the property after picking it up in 2011 for about $427 million.

By Rayna Katz | Updated on January 22, 2014

NEW YORK CITY-Vornado Realty Trust  is planning to sell 1 Park Ave., an office tower east of Herald Square, almost three years after rescuing the building from possible default, three people familiar with the offering tell Bloomberg.com.

The real estate investment trust hired brokers Douglas Harmon and Adam Spies, senior managing directors of Eastdil Secured, to market the 20-story, 925,000-square-foot tower, according to the sources. Vornado is seeking about $650 million for the property.

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