Vornado Realty Trust and LeFrak Welcome the Return of French Vietnamese Restaurant Le Colonial to 57th Street in New York City
Rhea-AI Summary
Vornado Realty Trust (NYSE: VNO) and LeFrak have signed leases with Le Colonial to reopen on 57th Street at 50 West 57th Street, returning the French Vietnamese restaurant to Midtown Manhattan. The deal includes a 15-year lease for 9,600 sq ft with 215 seats and a companion office lease for the building's entire seventh floor. The new restaurant is expected to open in summer 2027, offering indoor/outdoor seating, a full bar, lounge, and private dining in a prime luxury retail and hotel corridor.
Positive
- Signed a 15-year lease for 9,600 square feet at 50 West 57th Street
- 215-seat dining destination with indoor, outdoor, bar, lounge, and private dining
- Targeted reopening in summer 2027, providing a clear development timeline
- Companion office lease occupies the building's entire seventh floor, adding tenancy
Negative
- None.
News Market Reaction – VNO
In the Mar 11 session, VNO declined 0.53%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 09 | Earnings results | Positive | +2.7% | Q4 and FY 2025 results with large one-time gains and active capital recycling. |
| Feb 09 | Debt refinancing | Positive | +2.7% | $525M refinancing of One Park Avenue on long-dated, interest-only terms. |
| Feb 05 | Preferred dividends | Neutral | -0.4% | Regular preferred dividends declared with specified per-series payment amounts. |
| Feb 02 | Retail redevelopment | Positive | -3.4% | Newmark engaged for next phase of THE PENN DISTRICT retail renaissance. |
| Feb 02 | Retail redevelopment | Positive | -3.4% | Newmark appointed as exclusive leasing agent for THE PENN DISTRICT retail. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent company news tied to capital markets and large Manhattan projects has produced mixed reactions, with some positive financing and earnings updates aligning with gains, while sizable redevelopment announcements have coincided with notable selloffs.
Over the past months, Vornado has focused on Manhattan-centric initiatives and balance sheet actions. On Feb 9, 2026, it reported Q4 and full-year 2025 results and completed a $525M refinancing of One Park Avenue, both followed by a +2.74% move. Earlier in February, it declared preferred dividends payable Apr 1, 2026. On Feb 2, 2026, twin announcements around THE PENN DISTRICT’s $2.5B retail revitalization coincided with a -3.39% reaction, showing that large redevelopment news has not always been rewarded.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, March 11, 2026 (GLOBE NEWSWIRE) --
Vornado Realty Trust (NYSE: VNO) and LeFrak today announced an agreement with Le Colonial to open a new restaurant at 50 West 57th Street, marking the acclaimed French Vietnamese concept’s highly anticipated return to Manhattan. This new location is expected to open summer 2027.
Under a 15-year lease, Le Colonial will create a new dining destination across 9,600 square feet located between Fifth and Sixth Avenues in the heart of Midtown Manhattan. The restaurant will feature 215 seats, offering indoor and outdoor seating, a full bar and lounge, and private dining. In addition, Le Colonial signed a companion office lease to house its New York City offices on the building’s entire seventh floor.
Founded in 1993 by celebrated restaurateur Rick Wahlstedt and partners, Le Colonial introduced New York City to upscale fine dining French Vietnamese cuisine, the first of its kind in the country. Drawing inspiration from the seductive spirit and vivid flavors of 1920s Saigon, the restaurant quickly became a glamorous Midtown hotspot. Over the past three decades, Le Colonial has expanded to locations across Chicago, Houston, Atlanta, Lake Forest, Delray Beach, Naples, and Denver, earning a loyal following for its exquisite cuisine, meticulous attention to detail, and luxurious, classic atmosphere.
“Le Colonial first opened on 57th Street more than three decades ago, so this neighborhood has always felt like home to us,” said Rick Wahlstedt. “Having lived in New York for over 40 years, it feels incredibly meaningful for me to return here with my partner Joe King and bring Le Colonial back to its roots in a new format that reflects how the brand has evolved over the years. We’re also excited to partner with Frederick Lesort, a longtime New York restaurateur, as we begin this next chapter and welcome guests back to 57th Street.”
“We are pleased to welcome Le Colonial back to New York City where its famed story began,” said Vornado Executive Vice President and Co-Head of Real Estate Glen Weiss. “Surrounded by five-star hotels, trophy office towers and luxury retailers, Le Colonial’s return reaffirms this 57th Street corridor as one of Manhattan’s premier dining destinations.”
Le Colonial was represented by Gary Trock at Retail Advisory Services. Vornado was represented in house by a team led by Jason Morrison, Vornado SVP Retail Leasing.
About Vornado Realty Trust
Vornado (NYSE: VNO) is a fully integrated real estate investment trust (“REIT”) with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with
About LeFrak LeFrak is a preeminent, family-owned property company committed to community development and long-term ownership. LeFrak affiliates own and manage an extensive portfolio of real property concentrated in the New York/New Jersey metropolitan area, as well as South Florida, Los Angeles and throughout the West Coast. Through its affiliated companies, LeFrak has developed and built the majority of its real estate portfolio and is one of the world's leading property firms. The firm is acclaimed around the globe for the quality of its projects and its properties, its financial strength and conservatism, its entrepreneurial business model and its commitment to long term ownership. Although primarily focused on the residential and office sectors, LeFrak affiliates also invest in numerous hospitality, retail assets, securities, private businesses and energy. www.lefrak.com.
About Le Colonial
Le Colonial is a celebration of the seductive spirit and vivid flavors reminiscent of Saigon in the 1920s. With locations in Chicago, Houston, Atlanta, Delray Beach, Naples, Lake Forest, IL, and Denver, the famed Vietnamese restaurant launched over three decades ago by celebrated restaurateurs Rick Wahlstedt and Joe King and has been raved about by countless American critics, celebrities, and tastemakers in New York. Under the direction of acclaimed Vietnamese chef and cookbook author, Nicole Routhier, along with culinary director Hassan Obaye, the culinary team balances classic Vietnamese recipes and today’s health-conscious preferences, bringing the freshest, locally sourced vegetables and premium seafood and meats to life through an artful use of herbs and spices.
For more information, visit www.lecolonial.com, follow lecolonial_restaurants.
C O N T A C T
Thomas J. Sanelli
(212) 894-7000
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
