Vornado’s Fascitelli Sells NYC Home for $3.85 Million

Vornado Realty Trust Chief Executive Officer Michael Fascitelli sold his Upper East Side apartment in Manhattan for $3.85 million, completing a deal at the asking price three months after listing the home.

 

The sale of the four-bedroom co-operative on East End Avenue closed July 7, records on the New York City Department of Finance website show. It was listed in April for $3.85 million and on the market for 18 days before going under contract, according to StreetEasy.com. The home includes three fireplaces, a maid’s room and a 192-square-foot (18-square-meter) walk-in closet, the sales listing by brokerage Corcoran Group said.

 

“You enter the apartment from a large and gracious, semi- private elevator landing,” the listing by Corcoran’s Marie Schmon said. “Downstairs you will find a most unique and private master bedroom suite with a 16 foot by 25 foot recreation room that will be the envy of everyone you know!”

 

The CEO of the third-biggest U.S. real estate investment trust sold as the Manhattan property market rebounds from a plunge in values. The median price for the borough’s luxury apartments, defined as the top 10 percent of the market, climbed 12 percent in the second quarter from a year earlier to almost $4.1 million, according to appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. Sales of all co- ops and condominiums rose 80 percent.

 

1992 Financing

 

City records show Fascitelli took out loans in 1992 for one of two units at the property that were later combined. He financed both units in 1998. Sales price information for transactions before 2003 isn’t public, said Owen Stone, a spokesman for the Department of Finance.

 

Fascitelli didn’t return a telephone message or e-mail seeking comment. Schmon also didn’t return a call.

 

Vornado owns office buildings mainly in New York and Washington, as well as retail properties nationwide. Fascitelli joined the New York-based company as president in 1996 after leading Goldman Sachs Group Inc.’s real estate practice. He was promoted to CEO in May 2009, replacing founder Steven Roth, who remains chairman.

 

Fascitelli has had an annual base salary of $1 million since 2001, according to a regulatory filing in April. His bonuses for the last three years have been paid primarily in shares. The fair value of his total compensation for 2009 was $9.67 million, the company said in the filing.

 

Vornado shares climbed 83 percent in the 12 months through yesterday. They rose $1.61, or 2.2 percent, to $75 in New York Stock Exchange composite trading today.