NEW YORK | 3 East 54th Street | FT | FLOORS

[ChiND]

Hopefully, demo can proceed now.

https://www.pincusco.com/85m-note-secure...st-office-building-sold-buyer-anonymous/

$85M note secured by Cohen Brothers Midtown East office building sold, buyer anonymous
August 1, 2025 9:29 am


Google

[Crawford]

Excellent news. Given the location, would be nice to have a starchitect design a very tall landmark here.

[ChiND]

I agree, Crawford. I hope that they stick with a condo and/or hotel and do not build a stubby, boutique office tower.

[NYguy]

This is just within the borders of the Midtown East rezoning. With an expanded footprint, I could see a push for office. Residential or mixed-use is also possible. But zoning leans more toward office.

[ChiND]

I didn't even realize that this was within the upzone, though it makes sense. It would be a shame to see a 500 foot, glass office tower here though.

[ChiND]

Here’s Traded’s article about this.

By the way, I wonder if they foreclosure and note sale includes the adjacent garage that Cohen also owned and filed demo papers for.

https://traded.co/deals/new-york/note-loan/sale/3-east-54th-street/

IMAGE: Charles S. Cohen & Anonymous DATE: 07/24/2025 ADDRESS: 3 East 54th Street MARKET: Midtown East, Manhattan ASSET TYPE: Note / Loan BUYER: Anonymous SELLER: Charles S. Cohen - Cohen Brothers Realty SALE PRICE: $85,000,000 NOTE: Midtown Manhattan Lender LLC acquired an $85M note from Forethought Life Insurance Company secured by Cohen Brothers Realty’s office building at 3 East 54th Street, with the sale closing July 24 and recorded July 31.

[NYguy]

Some area context...

[ChiND]

NYGuy: do you know if the note is also secured by the garage?

P.S.: The Smiler’s on the corner must go.


Marxrealty

Marx lists it as a development site.

https://marxrealty.com/portfolio/532-madison-avenue/

532 MADISON AVENUE DEVELOPMENT SITE
NEW YORK, NY 10022
This seven-story office building is located on the corner of Madison Avenue and 54th Street in Manhattan. The property is currently leased to several tenants such as Interaudi Bank and the Ultimate Training Center.

[NYguy]

^ I don't know, I haven't looked into this that much.

[ChiND]

I'll try to look at the foreclosure action to see if it covered by properties.

[NYguy]

https://www.crainsnewyork.com/real-estat...al-sell-midtown-office-tower-3-e-54th-st

Cohen nears deal to sell second Midtown office tower





AARON ELSTEIN
Sept. 2, 2025

Charles Cohen, the big Midtown office-tower owner who needs to come up with nearly $200 million to repay lenders, is close to selling another building after agreeing last week to let go of 623 Fifth Ave.

Cohen has reached an agreement to sell 3 E. 54th St., a 19-story, 300,000-square-foot property, according to a sworn statement last week from David Fogel, executive vice president at Cohen Bros. Realty. The building stands to sell for $188 million, according to another court filing last week from Cohen’s lawyers.

The lawyers described 3 E. 54th as a development site, meaning a new owner would demolish the building and erect a hotel or apartment tower.

[Crawford]

Great news. Hopefully we get a landmark tower befitting the prime location.

[ChiND]

Vornado now owns this site.


https://www.tipranks.com/news/the-fly/vornado-acquires-3-east-54th-street-for-141m-thefly

Vornado acquires 3 East 54th Street for $141M

TheFly
Jan 07, 2026, 06:00 PM

Vornado (VNO) Realty Trust announced that it has acquired 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141M. Vornado acquired the mortgage on this property in two transactions in 2024 and 2025; the loan balance has accrued to $107M, including default interest and advances. In connection with the acquisition, the $107M loan balance was credited towards the purchase price. The site is located between Fifth Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and prime Upper Fifth Avenue retail properties owned by Vornado. The land is zoned for approximately 232,500 buildable square feet as-of-right and we intend to promptly demolish the existing buildings on the site.

[Crawford]

Yeah, I saw this. Hopefully we get a landmark supertall. Amazing location.

[ChiND]

I agree. I hope that they build a condo/hotel and not an office tower. I don't know how tall a tower with 230k sf could be, but perhaps they can get air rights from another entity. I assume that this would be around 700 feet tall. Given Vornado's massive success with 220 CPS, I hope that they retain RAMSA again.

I'm just happy to be rid of that horrendous building and the adjacent parking lot.

[NYguy]

We can mark this off the list if Extell’s mystery landmark’s transfer. Vornado would most likely do residential here.

[ChiND]

Originally Posted by NYguy

We can mark this off the list if Extell’s mystery landmark’s transfer. Vornado would most likely do residential here.

In light of this development, do you think that Extell’s St. Thomas air rights will be used at 405-417 Park?

[NYguy]

Originally Posted by ChiND

In light of this development, do you think that Extell’s St. Thomas air rights will be used at 405-417 Park?

Don’t know. That would seem to be just out the reach if the new, expanded limits.

Meanwhile, this site is covered under Midtown East zoning, so they could rebuild the same floorspace, if nothingvekse.


https://www.bizjournals.com/newyork/news...-nyc-demolition-3-e-54-st-manhattan.html

Vornado is planning to raze the 280,000-square-foot building on the 18,400-square-foot lot. Its plans for the site after the demolition concludes have not been revealed. The land is currently zoned for a development of about 233,000 square feet.

[ChiND]

Originally Posted by NYguy

Don’t know. That would seem to be just out the reach if the new, expanded limits...

If the St. Thomas air rights won't reach 417 Park, I wonder what Gary's plan is.

[NYguy]

Originally Posted by ChiND

If the St. Thomas air rights won't reach 417 Park, I wonder what Gary's plan is.

We will see.