Eichner Buys Vornado Harlem Park Site, Eyes Residential
By Gus Delaporte April 26, 2013 11:30 am
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Vornado Realty Trust (VNO) has sold the Harlem Park site at 1800 Park Avenue to Bruce Eichner and Continuum Company, the New York Post reported.
Mr. Eichner is planning to develop a 596,000-square-foot 80/20 residential building at the site which would include street-level retail, a garage and 600 apartment units, 200 of which would be affordable housing, according to the report.
As reported by The Commercial Observer, Vornado announced earlier this week it had agreed to sell the site for $65 million plus conditional brownfield credits.
The REIT had previously announced in 2008 that it had ended plan to develop a 630,000-square-foot office tower at the site with MLB Network as an anchor tenant.
“We were going to build the first office building in Harlem in 50 years on 125th Street and Park Avenue,” said Joseph Macnow, chief financial officer, at an investor conference at the time. “We’ve shut that project down. The economics are not warranted today to do that job.”
Mr. Eichner’s major developments in New York include 180 Montague Street in Brooklyn Heights, a 33-story luxury residential building, and One Broadway Place, a mixed-se building, in Times Square. He has also developed The Cosmopolitan Resort in Las Vegas and The Continuum on South Beach in Miami.
Neither Vornado nor Continuum could immediately be reached for comment.
