Vornado Agrees to Sell its 25% Interest in 330 Madison Avenue
June 10 2019 - 4:30PM
VORNADO REALTY TRUST (NYSE:VNO) announced today that pursuant to a
buy/sell process initiated by its 75% partner at a $900 million
valuation, it has elected to sell its 25% interest in 330 Madison
Avenue. The property is a 846,000 square foot Manhattan office
building. Net proceeds to Vornado, after deducting the existing
$500 million mortgage loan, will be approximately
$100 million. The financial statement gain is estimated to be
$161 million and the tax gain is estimated to be
$141 million.
The sale is subject to customary closing
conditions and is expected to close in the third quarter of
2019.
Vornado Realty Trust is a fully integrated
equity real estate investment trust.
CONTACT:JOSEPH MACNOW(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, 2018. Such
factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing
commitments and general competitive factors.
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