Vornado Realty Trust has revealed their plans to redevelop 260 Eleventh Avenue, a commercial project redesigned by British architect Richard Rogers. The building was originally built in 1911 and currently stands 235,000 SF, though it will be expanded during the renovation. 260 Eleventh Avenue was purchased by Vornado Realty Trust in 2015 after previously serving as the headquarters for Otis Elevator Company since its construction in 1911 to 1974. The acquisition is structured as a 99-year ground lease with an annual ground rent of $3.9 million and an option to purchase for $110 million, The purchase option price and annual ground rent escalate annually at the lesser o 1.5% or CPI.
The Richard Rogers redesign features an inside-out structure which exposes the structural and circulation systems with a glass-enclosed multi-story atrium below. The 27th Street parking lot will be developed into a 8-story glass building. The Landmarks Preservation Commission (LPC) will next review the plans.