Vornado Realty Trust Acquires 49% Stake In Park Avenue Plaza From Closer Properties For $539M

The property involved in this transaction is an office asset located at 55 East 52nd Street in Manhattan. The transaction is valued at $539,000,000, which translates to a price per square foot of $449. The total square footage for the property is approximately 1,200,000 square feet.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $539,000,000
• Buyer: Steven Roth - Vornado Realty Trust
• Seller: Zhang Xin - Closer Properties
• SF: 1,200,000
• PPSF: $449
• Date: 04/29/2026

In this transaction, Steven Roth represents Vornado Realty Trust as the buyer, acquiring a 49% stake in Park Avenue Plaza from Zhang Xin, who represents Closer Properties as the seller. The acquisition values the office tower at $1.1 billion while Vornado Realty Trust will also assume a proportional share of the asset's $575 million fixed-rate debt.