Vornado Realty Trust has entered into agreements to sell five Manhattan retail properties for $184.5 million.
The Manhattan retail properties, located at 677 – 679, 759 – 771 and 828 – 850 Madison Avenue, 478-482 Broadway and 155 Spring Street, are being sold in three separate sale transactions.
Vornado said, in the aggregate, the properties currently have negative income and street level occupancy is approximately 30%.
”There will be a total financial statement loss of approximately $7 million. The properties are unencumbered,” said the company in a statement.
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.