VORNADO REALTY TRUST (NYSE:VNO) announced today that it has acquired, for $194 million, land and air rights for 137,000 zoning square feet, thereby completing the assemblage of its 220 Central Park South site in Manhattan. Today’s transaction will allow development to begin on a 920 foot luxury residential condominium tower containing 472,000 zoning square feet. The to-be constructed tower will have unobstructed Central Park views and be designed by Robert A.M. Stern Architects. Vornado Realty Trust is a fully integrated equity real estate investment trust. Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.