Vornado Realty show interest in landmark 510 Fifth Ave. offices
Vornado Realty Trust have been eyeing up the purchase of a five-storey office space at 510 Avenue situated on the corner of 43rd Street in New York.
Reaching 61,159 feet tall, the building has been long established on the site having been designed and constructed in 1954 for Manufacturers Hanover Trust by Skidmore, Owings and Merrill.
The glass-fronted offices now belong to Tahl-Propp Equities who acquired the office space in 2000 from Chase. It was previously bought for $22 million but it is currently estimated to hold a mortgage of $33 million. Chase still own a branch in the mezzanine of the building.
It was the first glass bank in Manhattan and marked a changing tide in New York office design of its time. Due to its landmark status the owners must adhere to various protection constraints on original features of the building, such as its enormous vault door. This has led to problems in capitalising on the commercial real estate potential of the building, so the new interest shown by Vornado Realty comes at the right time.
Design-wise, it is a boxy construction and much in line with a predecessor constructed by the same developers two years prior at Lever House. Clad with wide untinted windows and aluminium supports, the building opens up a wealth of airy space.
Steven Roth and Michael Fascitelli are leading the interest from the real estate investment trust while Norman Bobrow and Associates are representing the owners in discussions.