Vornado Realty Trust (NYSE:VNO) announced today that it has agreed to purchase a 49% interest in Park Avenue Plaza from Closer Properties at a gross asset valuation of $1.1 billion ($950 per square foot), a significant discount to replacement cost. Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52nd Street. The trophy, Class A office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street. The property is located directly across 52nd Street from Vornado's 350 Park Avenue development.