FiDi Office Building in Contract at Discounted Price

Investor David Warner has entered into contract to purchase 40 Fulton Street. The pending sale of the 29-story, 250,000-square-foot building that is about 80% leased attracted a price between $105 million and $110 million, or $420 to $440 per square foot, representing a 19% to 21% discount of the between $130 million and $140 million seller Vornado Realty Trust was hoping to fetch upon introducing the sale offering in May 2022. Decisions to reduce pricing came amid rising interest rates, making acquisition more costly for potential buyers.