Vornado Realty Trust has signed a 99-year ground lease at 260 11th Ave., the Otis Elevator Building. The lease also includes an option to purchase the land for $110 million.
August 19, 2015 at 01:00 AM
1 minute read
Vornado Realty Trust has signed a 99-year ground lease at 260 11th Ave., the Otis Elevator Building. The lease also includes an option to purchase the land for $110 million.
Vornado said in a release that it hopes to redevelop the land and expand the property to “serve the supply-constrained West Chelsea office market.”
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