"The lease covers 1,076,000 square feet on an 'as-is,' triple-net basis and carries annual payments of about $9.3 million. NYU's prepaid sum also bakes in options to purchase the premises in 2055 and again at the end of the lease term in 2095."
"Industry reaction has been emphatic. The lease picked up a 2026 CoStar Impact Award and was praised by judges as transformative for the city's office inventory."
"Vornado's public filings spell out how the numbers pencil. The company used a portion of NYU's $935 million prepayment to repay a $700 million mortgage and disclosed an expected roughly $800 million GAAP accounting gain tied to the transaction."
New York University has acquired a long-term lease for the Wanamaker building at 770 Broadway, covering 1.1 million square feet. The 70-year, triple-net lease involves a $935 million upfront payment and annual payments of approximately $9.3 million. NYU will take over existing office leases and has options to purchase the property in 2055 and 2095. The deal is seen as transformative for Manhattan's office landscape, with industry experts praising it as a generational achievement that supports NYU's campus goals and strengthens Vornado's financial position.
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