VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed
the previously announced sale of 1740 Broadway, a 601,000 square foot
office building in Manhattan for $605 million, or $1,000 per square foot.
The financial statement gain of $439 million will be recognized in the
fourth quarter. The tax gain of approximately $484 million, will be
deferred in a like-kind exchange as part of Vornado’s previously
announced acquisition of the St. Regis Fifth Avenue retail.
Vornado Realty Trust is a fully integrated equity real estate investment
trust.
Certain statements contained herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing commitments
and general competitive factors.
Copyright Business Wire 2014