Vornado Buys Bronx Plaza for $165M

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NEW YORK CITY-Vornado Realty Trust has purchased the Bruckner Plaza in the Bronx for $165 million. The sale includes the 386,000-sf shopping center as well as a 114,000-sf connecting plot. The Kushner Cos. was the seller.

Bruckner Plaza is fully leased and counts Kmart, Toys ‘R’ Us and Key Food as anchor tenants. The adjacent vacant parcel is being ground leased by an un-named company, according to a release about the transaction.

Earlier this week, Vornado finalized another New York retail acquisition. As reported by GlobeSt.com, the company closed on the Manhattan Mall, a one-million-sf, mixed-use center, paying Aggent Ventures $689 million. The 97%-leased property includes 164,000 sf of retail space and 812,000 sf of offices.

Additionally, last month, Vornado closed on 350 Park Ave., a 538,000-sf, class A office building between 51st and 52nd streets on Park Avenue. The firm paid $542 million for the property.

Kushner recently made a huge play in the Manhattan market with the purchase of 666 Fifth Ave., as reported by GlobeSt.com. The 1.5-million-sf building is reported to be the largest per-sf sum ever paid for a class A office building. The firm paid $1.8 billion, which equates to $1,200 per sf, topping even the $1.72-billion sale of the MetLife Building.