Vornado Realty Trust Seems To Sell Rego Park Development Site For $85 Million

Vornado Realty Trust is watching to sell its 670,000 Sq Ft site at 93-30 93rd Street in Rego Park, with pricing exacted about $85 million.

The property is best for developing as a rental project with retail and community facility components. That would give a buyer a head start on developing the site work needed to lock in a 35-year tax reduction under the state’s Affordable New York program.

The development site is across the street from Vornado’s 960,000-Sq Ft Rego Center shopping mall. The REIT had long planned to develop the site, which is now a parking lot for the mall, and the surrounding area. 

The site lies in an opportunity zone, and according to JLL’s marketing materials, demand for rentals is growing in Rego Park.

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