Vornado Realty Trust announces annual ground rent for PENN 1 land parcel.

From GlobeNewswire: 2025-04-22 18:07:00

Vornado Realty Trust announced that the panel determining ground rent for the PENN 1 land parcel set the annual rent at $15 million for the 25-year term starting June 17, 2023. Litigation is ongoing in New York County Supreme Court, with a potential rent increase to $20.22 million if the fee owner prevails. Vornado will reverse $17.2 million in accrued rent expense and adjust future accruals based on the panel’s decision. Vornado Realty Trust is a fully-integrated equity real estate investment trust. Contact Thomas J. Sanelli at (212) 894-7000 for more information on this matter.



Read more at GlobeNewswire: Vornado Announces PENN 1 Ground Rent Reset Determination