Soho China trades Park Avenue Plaza stake to Vornado

Billionaire Chinese developer Zhang Xin is trading her stake in Park Avenue Plaza to one of the biggest names in New York real estate. Through her firm Closer Properties, Xin sold her 49 percent interest in the tower at 55 East 52nd Street to Steven Roth’s Vornado Realty Trust, the Commercial Observer reported. The deal carried a $1.1 billion valuation for the office property, below the valuation Xin aimed for when listing her stake in January. The deal will see Roth’s company assume $570 million in debt, sources told the outlet. Majority owner Fisher Brothers, meanwhile, is sticking around and […] This article originally appeared on The Real Deal. Click here to read the full story.