Vornado inks contract with Churchill that would merge Penn Plaza zoning lot with Chetrit parcel

Vornado Realty Trust signed a contract with Churchill Real Estate Holdings that would merge a Penn Plaza zoning lot owned by Vornado with one owned by Churchill and the Chetrit Group. At the same time, Vornado acquired a light and air easement from Churchill valued at $1.12 million.

Churchill has constructed a 27,048-square-foot, six-story building at 259-263 West 34th Street. Chetrit Group owns a parcel adjacent to that to the east at 255 West 34th Street, which is lot 12. Vornado owns a vacant development site composed of five parcels that make up the northeast corner of West 34th Street and Eighth Avenue.
The contract says, “In connection with the purchase agreement, the parties… have executed a joint closing escrow instruction letter … pursuant to which… [the parties] will merge [Vornado’s] premises into a single merged zoning lot with the 2015 zoning lot,” which is a zoning lot with parcels from Churchill and Chetrit.

Vornado Realty Trust through the entity 265 West 34th Street Owner LLC signed a contract with Churchill Real Estate’s 257-263 W 34th Street LLC $.0 million for the rights to the zoning lot merger in Penn Plaza. The deal closed on September 30, 2020, and was recorded on October 17, 2020.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Alan J. Rice