Vornado Completes the Sale of its Interests in the 666 Fifth Avenue Office Condominium
August 03 2018 - 6:58PM
VORNADO REALTY TRUST (NYSE:VNO) announced today that it has
completed the previously announced sale of its 49.5% interests in
the 666 Fifth Avenue Office Condominium to an affiliate of its
partner, the Kushner Companies. Net proceeds to Vornado from
the sale was approximately $120 million. The financial statement
gain, which will be recognized in the third quarter, is estimated
to be $134 million. The tax gain is estimated to be $244
million.
Concurrently with the sale of Vornado’s
interests, the existing mortgage loan on the property was repaid,
and Vornado will receive net proceeds of approximately $57 million
and will recognize an $8 million financial statement gain in the
third quarter for the participation it held in the mortgage
loan.
Vornado will continue to own all of its 666
Fifth Avenue Retail Condominium encompassing the Uniqlo, Tissot and
Hollister stores with 125 linear feet of frontage on Fifth Avenue
between 52nd and 53rd Street.
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.
CONTACT: JOSEPH MACNOW(212) 894-7000
Vornado Realty (NYSE:VNO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vornado Realty (NYSE:VNO)
Historical Stock Chart
From Apr 2023 to Apr 2024