Steven Roth Of Vornado Realty Trust Acquires Office Building From Charles S. Cohen For $218M

The transaction involves the sale of an office property located at 623 5th Avenue, Manhattan. The asset is a largely vacant 36-story office building, with a total area of 382,500 square feet. The sale price for the property was $218,000,000, which reflects a price per square foot of $570.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $218,000,000
• Buyer: Steven Roth - Vornado Realty Trust
• Seller: Charles S. Cohen - Cohen Brothers Realty
• Square Footage: 382,500
• Price Per Square Foot: $570

Vornado Realty Trust, represented by Steven Roth, is acquiring the property from Cohen Brothers Realty, led by Charles S. Cohen. The acquisition is part of Vornado's plan to redevelop the building into a Class A boutique office space, with anticipated completion in 2027.