Search
 

Vornado Plans to Sell 1740 Broadway

NEW YORK CITY—The REIT also has closed on its acquisition of the retail condominium at the St. Regis Hotel and the adjacent retail townhouse.

By Rayna Katz | Updated on November 03, 2014

NEW YORK CITY—Vornado Realty Trust has agreed to sell 1740 Broadway, a 601,000 square foot office building between 55th and 56th streets. The property is being bought by the Blackstone Group, GlobeSt.com has learned in this UPDATE. The sale price of the asset, formerly the MONY building or Mutual of New York building, was approximately $605 million, or $1,000 per square foot. The financial statement gain will be approximately $443 million. The tax gain will be approximately $483 million, which will be deferred as part of a like-kind exchange for the previously reported acquisition of the St. Regis New York retail on 5th avenue.

The sale is slated for completion in the fourth quarter of 2014. The identity of the buyer was unclear at press time.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.