Vornado Enters Agreement to Sell Harlem Park Land for $65M

NEW YORK—Vornado Realty Trust, which has an administrative office in Paramus, N.J., has entered into an agreement to sell a parcel of land located at 1800 Park Ave. in New York City for $65 million plus additional amounts, which may be received for brownfield credits.

Located at 125^th Street, the parcel is known as Harlem Park.

The sale of the land will result in net proceeds of approximately $62 million and a net gain of approximately $22 million. The sale is subject to closing conditions and is expected to be completed this quarter.