Vornado scoops up McDonald’s, air rights to bulk up Penn District tower
Vornado Realty Trust is supersizing its Penn District development ambitions, snapping up a Midtown McDonald’s and nearby air rights in deals that could add tens of thousands of buildable square feet to a planned residential tower. The developer paid $12 million for a one-story McDonald’s outpost at 490 Eighth Avenue, according to city records reported by Crain’s. The purchase gives Vornado control of a 47-foot-wide parcel abutting its long-in-the-works assemblage on West 34th Street, steps from Penn Station and Madison Square Garden. The McDonald’s deal comes with a twist: the fast-food chain isn’t going anywhere. Filings tied to the sale […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
5 Pro Tips To Reduce Your Time Change Blues Starting This
Weekend
How AI Revolutionizes Apartment Leasing For Renters,
Landlords
The Luxury Homebuyer Pool Is Diversifying: Luxury Real
Estate Trends
America’s Top Architects: Backen & Backen Embraces
The Outdoors In A Serene Los Angeles Home
The Goldman family feud escalates to trial
What’s next for the Alexander brothers following their
sentencing
Rental brokers get raw deal in FARE Act coverage
NY Dirt: Ballot measures could lead to faster city land
deals
Credit Scoring Is Changing: 3 Things Homebuyers Should
Know
Don't Let the Fear of a Buyer Backing Out Scare You Away
from Selling
