NY Observer > Montgomery Streets http://www.observer.com/taxonomy/term/31307/feed Articles from Observer.com en Vornado Strikes Back http://www.observer.com/node/35870 Steve Roth's Vornado is back. And thanks to Donald Trump.

Mr. Roth has purchased for $1.81 billion a majority stake in 1290 Avenue of the Americas and a San Francisco building from a group of investors led by Mr. Trump.

Vornado will take a 70 percent majority stake at 1290 A of A, a 1.9-million-square-foot building between 51st and 52nd streets. He purchased his share at $775 per square foot, and this deal puts the building's value at $1.55 billion. Mr. Trump and his partnership, Hudson Waterfront Assocates, paid $1.2 billion for the building last year.

It was Mr. Roth's Vornado that lost in a bidding war to Blackstone for Equity Office Properties in February. And then Mr. Roth lost even bigger to Harry Macklowe when Blackstone sent eight of Equity Office's former Manhattan buildings to Macklowe Properties for $7 billion.

Now, Mr. Roth has a new 2-million-square-foot building on Sixth Avenue to serve as a good, quick and needed pick-me-up.

Full release after the jump.  read more »

- John Koblin ]]> http://www.observer.com/node/35870#comments Real Estate Manhattan Montgomery Streets Steve Roth Fri, 16 Mar 2007 08:20:59 -0400 Observer Staff 35870 at http://www.observer.com