Updated Jan 9, 2026
Steven Roth Of Vornado Realty Trust Acquires Development Site From Charles S. Cohen For $141M
3 East 54th Street
$141,000,000
$7,663/SF
Building Size
18,400 SF
Asset Type
Development Site
Closing
Jan 8, 2026
About this deal
AI
3 East 54th Street is a development site located in Manhattan. It has a sale price of $141,000,000 and encompasses 18,400 square feet, resulting in a price per square foot of approximately $7,663. The site is demolition-ready for future development opportunities.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $141,000,000
- Buyer: Steven Roth - Vornado Realty Trust
- Seller: Charles S. Cohen - Cohen Brothers Realty
- Square Footage: 18,400
- Price Per Square Foot: $7,663
- Market: Manhattan
- Mortgage Credit: $107,000,000 toward the purchase
Steven Roth, representing Vornado Realty Trust, and Charles S. Cohen, representing Cohen Brothers Realty, facilitated this significant transaction. The acquisition of the demolition-ready office site underscores Vornado's strategic investment in the area.
On the Map
$141,000,000
$7,663/SF
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93