Vornado Completes Sale of Long Island City Office Building for $172.8 Million
July 05 2022 - 4:59PM
Vornado Realty Trust (NYSE:VNO) announced today that it has
completed the previously announced sale of the Center Building, an
eight-story 498,000 square foot office building located at 33-00
Northern Boulevard in Long Island City, New York, for $172.8
million. The financial statement gain, which will be recognized in
the second quarter, is estimated to be $15 million. The tax gain is
estimated to be $74 million.
Vornado Realty Trust is a fully-integrated
equity real estate investment trust.
CONTACT
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. 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. 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, 2021. Such
factors include, among others, risks associated with the
performance of the Company’s properties and general competitive
factors. Currently, one of the most significant factors is the
ongoing adverse effect of the COVID-19 pandemic on our business,
financial condition, results of operations, cash flows, operating
performance and the effect it has 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. The extent
of the impact of the COVID-19 pandemic will continue to depend on
future developments, including the duration of the pandemic,
current and future variants, the efficacy and durability of
vaccines against the variants and the potential for increased
government restrictions, which continue to be uncertain at this
time but that impact could be material. Moreover, you are cautioned
that the COVID-19 pandemic will heighten many of the risks
identified in "Item 1A. Risk Factors" in Part I of our Annual
Report on Form 10-K for the year ended December 31, 2021.
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