2 Park Ave. for sale.Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. is reportedly putting 2 Park Ave. on the market, hoping the building will sell for as much as $300 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. published reports. The 29-story building at East 32nd St. with approximately 965,000 SF will be marketed by Woody Heller of Insignia/ESG. The building is reportedly 99% leased with tenants such as the Manhattan news bureaus of Newsday and the Los Angeles Times Los Angeles Times Morning daily newspaper. Established in 1881, it was purchased and incorporated in 1884 by Harrison Gray Otis (1837–1917) under The Times-Mirror Co. (the hyphen was later dropped from the name). , the law firm of Herrick Feinstein and the New York Community Trust New York Community Trust was founded in 1924 by a group of New York bankers. It is one of the oldest and largest community foundations in the United States with 2006 assets of over $1.9 billion. , according to published reports. According to the New York Post The New York Post is the 13th-oldest newspaper published in the United States and the oldest to have been published continually as a daily.[3] Since 1976, it has been owned by Australian-born billionaire Rupert Murdoch's News Corporation and is one of the 10 , seven tenants in the range of 50,000 to 100,000 SF are responsible for leasing two thirds of the building. Those leases are set to begin expiring in 2006. The property has a current average rent roll in the mid-$30's a SF. Although the sales market has slowed considerably since last year, when several high-profile properties were sold at near record-high prices, brokers say investors may jump at the chance to acquire a well-leased property. Neither Vornado nor Heller commented on the sale. Vornado Realty Trust, which is headed by Steven Roth, is the city's biggest office property owner with 21 properties in Manhattan. The company is currently building the new 55-story, $650 million headquarters for Bloomberg LP at the former Alexander's site on Lexington Avenue and East 59th Street. |
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