The latest piece of Vornado Realty Trust's bet on one of New York's most prized corporate corridors comes with a colorful backstory: a former Vanderbilt family guest house that later housed recording studios where Frank Sinatra, Barbra Streisand, Bob Dylan and Paul Simon made music.
Vornado's deal to acquire a stake in Park Avenue Plaza, a 45-story, 1.2 million-square-foot trophy office tower just off New York's coveted Park Avenue corridor, also included an interest in the historic CBS Studio Building next door, according to recently filed city property records.
The transaction leaves Vornado and Fisher Brothers as co-owners of both properties, with Fisher Brothers retaining majority ownership.
In June, when Vornado completed its purchase of a 49% interest in Park Avenue Plaza at 55 E. 52nd St., it also acquired a 49% stake in the adjacent 49 E. 52nd St. from Closer Properties, a Fisher Brothers spokesperson confirmed to CoStar News.
The seven-story building at 49 E. 52nd was originally built in 1908 as a guest house for the Vanderbilt family and designed by Warren & Wetmore, the architectural firm best known for co-designing Grand Central Terminal. CBS acquired the property in 1939 and converted it into radio studios before it later became home to Columbia Records recording studios.
Vornado said in April that the deal valued Park Avenue Plaza at a gross asset value of $1.1 billion. The real estate investment trust did not immediately respond to a request for comment, or for clarification on the valuation of the second building.
Fisher Brothers, which traces its roots to 1915, is one of New York’s oldest real estate families and owns prominent properties including Park Avenue Plaza. The two properties sit directly across 52nd Street from Vornado’s planned 350 Park Avenue development, a 1.85 million‑square‑foot office development proposed in partnership with global investment firm Citadel and developer Rudin.
Beyond its proximity to the planned tower, 49 E. 52nd has its own notable history.
Fisher Brothers bought the 60,000-square-foot building in 1995. The building features high ceilings, a renovated facade and separate office entrance, according to Fisher Brothers’ website. The developer said the building speaks to “the needs of today’s technical tenants” and has been restored “to its original luster.”
A Duane Reade store occupies roughly 7,000 square feet across the first two floors, CoStar data shows.
CBS had acquired the building in the 1930s as it expanded from its nearby Madison Avenue headquarters. A 1940 issue of Architectural Forum described the remodel as "the last word in broadcasting studio design and equipment," according to a 1996 New York Times article.
After CBS relocated its radio operations to West 57th Street in the 1960s, the property became home to Columbia Records, where artists including Sinatra, Streisand, Dylan and Simon did recording sessions, according to media reports at the time.