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Vornado Offloads Five Underperforming Retail Assets for $185M
Vornado Realty Trust said Monday it’s selling five underperforming Manhattan retail properties in SoHo and on the Upper East Side for an aggregate price of $184.5 million. The REIT will divest the properties in three separate transactions. The buyers weren’t identified.
The properties are located at 677 – 679, 759 – 771 and 828 – 850 Madison Ave., 478-482 Broadway and 155 Spring St. Vornado said the properties “currently have negative income,” with street-level occupancy of approximately 30%. The company expects to take a $7-million loss on the sales.
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 Q1 2022. On its website, Vornado says it’s the largest owner of Manhattan street retail, with 2.7 million square feet across 65 properties as of this past Dec. 31.
Pictured: 155 Spring St. in SoHo.
- ◦Sale/Acquisition

