Some news concerning other properties. Not Vornado, but the precedence should be on how developers are focusing on the area. These assemblages will eventually lead to towers. Couple of them to watch out for. There's about three to four of them nearby. This being parcels or a series of parcels which will eventually replace the blight in the area, and become towers.
There's a good chance of hotels. With the surging tourism industry, and smaller 25 to 35 floor hotels in the area, parcels owned by Vornado and friends could become hotels. Which would make sense given the transit options nearby. The ones with the biggest development rights I suspect would be office. All about max yield with these guys over the long term.
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Hager’s Cornell Realty nabs another 34th Street building for assemblage
Quote:
Shifra Hager’s Cornell Realty Management added another property to its already extensive holdings on West 34th Street.
The Red Hook-based development and investment firm shelled out $20.5 million for a 6,418-square-foot retail property at 259 West 34th Street, according to Aron Taub of GFI Realty, who brokered the deal. The property comprises a total 21,690 buildable square feet, according to PropertyShark.
The building, which is currently occupied by a Wendy’s restaurant, has belonged to the Moran family since 1977, records show. The Morans used to operate an Irish bar at the location, known as the Blarney Stone.
The building is just the latest in a string of acquisitions by Cornell along the 34th Street corridor. Last year, the firm partnered with the Chetrit Group to buy 245 and 247 West 34th Street for a combined $31.5 million. The partnership followed up that purchase with a $41 million deal for 251 and 253 West 34th Street and then a $20 million deal for 255 West 34th Street.
The assembled properties total close to 150,000 buildable square feet.
The only remaining properties standing in the way of a complete assemblage appear to be 257 West 34th Street, which has been in the same family since 1997, and 249 West 34th Street, which has been under the same ownership since 1995.
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http://therealdeal.com/blog/2015/12/23/h...ing-for-assemblage/#sthash.MNiRURh7.dpuf