It looks like Vornado Re alty Trust still has an eye on its long-stalled development at 1800 Park Ave.
At the end of the year, documents show, it bought out its partners, California Urban Investment Partners (CUIP), from the Harlem Park development site at 125th Street and Park Avenue for $11.85 million.
CUIP is a joint venture between the California Public Employees Retirement System and Johnson/MacFarlane, which is itself a partnership between Earvin “Magic” Johnson‘s company and MacFarlane Partners.
The site is still listed as a potential retail site by Vornado but could also host a commercial building that once was to include a hotel.
Vornado could not obtain enough anchor tenant commitments in 2007 to start construction. But the company is keeping its options open.
In early April, Vornado renewed its new building permit for a 23-story garage, retail and office property designed by Swanke Haden Connell and topping off at 328 feet.
It also renewed permits for a fence, excavation and foundation work.
It appears Vornado is dusting off blueprints to work on several projects. In his annual letter to investors, Chairman Steve Roth wrote, “We are delighted that super-developer Mel Blum is re-joining Vornado. Mel was with us from 2000 to 2005 and was senior on the Bloomberg Tower and the 640 Fifth Avenue over-build.”
At the same time, Vornado has the potential redevelopment of the Hotel Pennsylvania into the mammoth 15 Penn Plaza on the burners. I also has the redevelopment of the residential building at 220 Central Park South, where Extell is holding out for a bigger buyout of its garage lease.
We found the last remaining renters there got paid off in December in amounts ranging from $1.337 million to $1.562 million.
Vornado and the Ruben Cos. obtained financing at the end of March for the proposed office tower on the Port Authority Bus Terminal. Stay tuned.
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Privately-held sleepwear manufacturer Komar Company has expanded to 77,180 square feet at 16 E. 34th St. The company added 19,115 square feet and extended its lease. The firm is currently located on floors 8 through 10, and is adding the 14th floor.
Komar was represented by Gregg Lorberbaum of Centric Real Estate Advisors. The building owner was repped by Larry Swiger of SL Green Realty Corp.
The asking rent for comparable space in the building was $40 per foot.
Komar represents sleepwear brands including Liz Claiborne, DKNY, Planet Sleep and Earth Angels.
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The first Panera Bread deal in Manhattan has risen at 330 Seventh Ave. between West 29th and 30th streets in the Fashion Institute of Technology neighborhood.
“It is a neighborhood with a lot of food deals,” explained Paul Berkman of Newmark Knight Frank, who represented the building owner along with colleague Davie Berke.
The asking rent for the 3,100-square-foot former Chinese restaurant was $150 a foot.
“It’s a solid quick-service food block,” said Berkman of the area between 23rd and 34th streets that already has Chipotle, Pret A Manger and an upcoming Five Guys Burger.
Panera, which also signed a deal in Brooklyn at 345 Adams St., was repped by Andrew Mandell and Richard Skulnik of Ripco Real Estate. The Ripco brokers declined comment on their client’s deals.
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The Hertz rental car building at 412 E. 90th St. is on the market with the condition that the buyer lease back space in the new building to Hertz.
Nat Rockett at Cushman & Wakefield is leading the marketing on the site, which can host a 97,000-square-fo ot building.
C&W is also marketing a lot at 950 Second Ave. with the ability to construct 80,000 square feet, and the Children’s Aid Society site at 219 Sullivan St., which can host 65,000 square feet of residential plus 55,000 square feet for a community use such as a school. [email protected]
