Vornado is mulling redevelopment, possibly tag teaming with their neighbor to form an assemblage.
two major building owners are discussing a joint venture to build a new office tower on Park Avenue.
Under the plan, Vornado Realty Trust would contribute the land under its office building at 350 Park Ave. and Rudin Management its mid-block tower at 40 E. 52nd St.
Such a deal would mean demolishing the current structure and building a new tower with a nicer and larger floor plate under the East Midtown zoning rules.
Vornado’s sits on the entire blockfront between East 51st and 52nd streets, while Rudin’s mid-block building at 40 E. 52nd St. sits right behind it with entrances on both side streets. This is a 23-story tower with 385,000 square feet and its main tenant, BlackRock, is moving to Hudson Yards and will leave it empty in roughly four years.
Sources said the firms have already discussed leasing such a new tower to a major company