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Vornado Closes Sale of Upper East Side Retail Asset
Vornado Realty Trust has closed on the sale of one of its struggling Upper East Side retail properties, Crain’s New York Business reported. The office and retail REIT sold 677–679 Madison Ave. to Metro International Trade Services for $20 million and also sold a commercial condo at 40 E. 66th St. to the company for $30 million, according to Crain’s. Metro is an arm of private equity firm Reuben Brothers.
In late August, Vornado said it had entered into agreements to sell five of its retail properties in Manhattan for $184.5 million. Along with 677–679 Madison Ave., they include 759–771 Madison, 828–850 Madison, 478–482 Broadway and 155 Spring St.
The properties had negative income and a street-level occupancy of about 30% at the time of Vornado’s announcement. Vornado said it expected to take a total financial loss of about $7 million on the five-property sale.
- ◦Sale/Acquisition
