**Vornado Joint Venture Finalizes $205M Sale of West Chelsea Office Building**
Vornado Realty Trust has announced the completion of the sale of 512 West 22nd Street, a 173,000-square-foot Class A office building located in Manhattan’s West Chelsea neighborhood. The transaction was executed through a joint venture in which Vornado holds a 55% stake, alongside the Albanese Organization. The property was sold for $205 million. The identity of the buyer has not been disclosed.
Originally completed in 2018, the building is situated between Tenth and Eleventh Avenues and features a premier roster of tenants including IMG Worldwide, Kenneth Cole Productions, and Warner Media.
The sale was initially announced in May. Following the repayment of a $123 million mortgage loan and other transaction costs, Vornado reported it will receive approximately $38 million in net proceeds from the transaction. The company also expects to recognize a financial statement gain of approximately $11 million in the third quarter as a result of the sale.
