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New York & Tri-State  + Downtown New York  + Retail  | 
155 Spring Street SoHo retail Vornado Realty Trust

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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