Vornado Realty Trust (VNO) and LeFrak Announce Le Colonial Restaurant Lease at 50 West 57th Street in Manhattan

Vornado Realty Trust (NYSE:VNO) is one of the 10 Must-Buy Real Estate Stocks to Invest In.

On March 11, 2026, Vornado Realty Trust (NYSE:VNO) and LeFrak announced an agreement with Le Colonial to open a new restaurant at 50 West 57th Street, marking the French Vietnamese concept’s return to Manhattan. The restaurant is expected to open in summer 2027 under a 15-year lease and will occupy 9,600 square feet between Fifth and Sixth Avenues in Midtown Manhattan. The location will feature 215 seats with indoor and outdoor dining, along with a full bar, lounge, and private dining areas. Le Colonial also signed a companion office lease for the building’s entire seventh floor to house its New York City offices.

On March 2, 2026, Scotiabank lowered the price target on Vornado to $32 from $36 and maintained a Sector Perform rating as part of a broader update to price targets across U.S. real estate and REIT stocks following Q4 results. Scotiabank said REITs may need to raise development yield targets to prioritize near-term funds from operations per share and added that acquisitions could offer a “better thematic story” for external growth.

Vornado Realty Trust (VNO) and LeFrak Announce Le Colonial Restaurant Lease at 50 West 57th Street in Manhattan

Stuart Monk / shutterstock.com

Last month, Vornado Realty Trust (NYSE:VNO) reported Q4 adjusted FFO per share of 55c versus the 57c consensus estimate. Revenue totaled $453.7M compared with the $440.23M consensus estimate.

Vornado Realty Trust (NYSE:VNO) is a real estate investment trust with a portfolio of approximately 26 million square feet of New York City office, retail, and multifamily properties and is the developer of the PENN DISTRICT.

While we acknowledge the risk and potential of VNO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VNO and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years

Disclosure: None. Follow Insider Monkey on Google News.