Vornado to Sell Five Manhattan Retail Properties for $184.5 Million
30 Agosto 2021 - 2:47PM
Vornado Realty Trust (NYSE:VNO) announced today 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. The sale of the Madison Avenue properties is
expected to close in the third quarter of 2021 and 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.
Vornado Realty Trust is a fully-integrated
equity real estate investment trust.
CONTACT
Thomas 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 Vornado 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, 2020. Such
factors include, among others, risks associated with the
performance of Vornado’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 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, 2020.
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