An affiliate of Vornado Realty Trust has purchased a 62,000 sq. ft. retail property in Manhattan for $40 million. Real estate investment firm Mark Holdings sold the building, 25 West 14th Street. Vornado owns and manages roughly 75 million sq. ft. of property in the U.S.
Mark Holdings paid $13 million in 2000 for the empty building. That means the deal with the Vornado affiliate will generate a 300% profit for Mark Holdings. The property’s two tenants hold long-term leases, while an additional 8,000 sq. ft. of the space remains vacant.