Vornado Realty Trust will sell Harlem Park — a plot of land that was previously designated for the development of an office building, the New York Observer reported. The site, located at 1800 Park Avenue at 125th Street, will yield $62 million in proceeds and a $22 million net gain.
The identity of the buyer was not available.
The REIT had planned a 630,000-square-foot building at the site, with MLB Network as the anchor tenant, but tossed the plans in 2008.
“We’ve shut that project down,” Vornado CFO Joseph Macnow said at an investor conference at the time. “The economics today are not warranted to do that job.”
As reported this month, Vornado plans to sell off more assets than it buys this year, chairman Steven Roth wrote in a letter to investors. [NYO] —Zachary Kussin