In connection with the deal, Vornado also reports that Haim Chera, 50, has left the family-owned Crown Acquisitions to join Vornado as its EVP- head of retail.

The mixed-use development will include 232 five-star hotel rooms, luxury for-sale residential units, approximately 10,000 square feet of retail space and a 368-space parking garage. Both the hotel and the for-sale residential units will be branded and operated by Four Seasons Hotels and Resorts.

Industrial rents in the first quarter only increased $0.01 over the fourth quarter 2018, and this could be the beginning of trend.

The Smart Lab is a tech-forward approach to construction aimed at reducing costs and construction time.