Overview

• Vornado agreed to acquire the 36-story, roughly 383,000-square-foot office condominium above Saks Fifth Avenue, which is about 75% vacant.
• Closing is expected in September 2025, with Vornado planning to reposition the property into Class A boutique offices and complete work in 2027.
• The transaction will retire about $146 million of debt tied to the building and generate roughly $70 million in net proceeds for Charles Cohen, according to Crain’s reporting.
• Court filings previously valued the property at about $712 million in 2023 and $480 million last year, underscoring a steep discount in the current sale.
• Cohen’s broader legal fight with Fortress over a 2022 loan and personal guarantees has led to enforcement actions, while a previously filed residential conversion plan now appears uncertain.