Vornado Realty Trust
Update
10/14/21
Vornado Selling Five Manhattan Retail Properties for $184.5M
Vornado Realty Trust announced at the end of August that it has entered into agreements to sell five Manhattan retail properties located at 677 – 679, 759 – 771 and 828 – 850 Madison Avenue, 478-482 Broadway and 155 Spring Street for $184.5 million. In the aggregate, the properties currently have negative income and street-level occupancy is approximately 30%.
The properties are being sold in three separate sale transactions with the sale of 677-679 closing on 9/24 for $20M. The sale of the Soho properties is expected to close in the first quarter of 2022. The transactions are subject to customary closing conditions.
There will be a total financial statement loss of approximately $7 million. The properties are unencumbered.
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