Vornado Realty Trust and the Albanese Organization sold a 172,000-square-foot office building at 512 West 22nd Street in West Chelsea for $205 million, or $1,192 per square foot. The buyer is Raghsa Real Estate, an affiliate of Argentina-based Raghsa SA. Vornado, which held a 55% stake, expects to net about $112.5 million from the deal. Proceeds will help retire a $123.6 million mortgage. Eastdil Secured brokered the transaction and is seeking a loan for 60–65% of the purchase price. The property was redeveloped from a parking garage into a spec office building anchored by WarnerMedia.
Vornado Realty Trust
