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.
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