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Trophy Offices Still Command Big Money | Real Estate News
New York’s office market is splitting into two worlds: trophy towers like 350 Park Ave, backed by Citadel and Vornado, are getting $3.3 billion in financing—proof that elite real estate still commands massive investment. But only if you’re at the top tier. Older or less desirable buildings? Not so much. Vornado’s CEO insists prime Park Avenue remains the ultimate play, even as the market narrows its focus. Meanwhile, a bankruptcy auction of summer camps netted $368 million, a luxury condo sold privately for $42 million, and Compass quietly pulled listings from StreetEasy—signs the city’s real…
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