Vornado to Buy Stake in NYC Office Tower Valued at $1.1 Billion

Buildings on Park Avenue in the Plaza District of New York. — Buildings on Park Avenue in the Plaza District of New York.Photographer: John Taggart/Bloomberg

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By Natalie Wong

April 28, 2026 at 9:04 PM UTC

Vornado Realty Trust is acquiring a stake in Manhattan’s Park Avenue Plaza, in a deal that values the building at $1.1 billion.

Vornado agreed to buy a 49% interest in the property at 55 E. 52nd St. from Chinese real estate mogul Zhang Xin’s Closer Properties, according to a statement Tuesday.