The announcement ends speculation over whether Vornado would sell its interest in the development or remain a long-term partner. “In our business, there is no better place to invest than prime Park Avenue.” The joint venture values Vornado’s contribution of the existing 65-year-old office building and underlying land at roughly $900 million, according to Roth. The project is one of the city’s highest-profile office developments in a thin pipeline. Earlier this year, the Citadel founder provided a $400 million loan for the project after taking his majority stake in the venture.