Friday, April 19, 2019

Vornado Sells Part of Prime New York Retail Portfolio

The Wall Street Journal
Institutional investors advised by Crown Acquisitions Inc. have agreed to buy a 47.2% stake in the properties, which are located in the Fifth Avenue shopping district and on Broadway in Times Square, Vornado said Thursday.

Vornado will retain a 51% stake in the assets. The portfolio includes 489,000 square feet of street-level retail. The investors that are acquiring the property will pay $1.31 billion for their stake.. . . more