New York City — Vornado Realty Trust has entered into an agreement with an undisclosed buyer to sell five Manhattan retail properties for $184.5 million. The properties are located at 677–679 Madison Ave., 759–771 Madison Ave., 828–850 Madison Ave., 478-482 Broadway and 155 Spring St. Combined, the properties currently have negative income and a street-level occupancy rate of approximately 30 percent. Vornado is selling the properties in three separate transactions. The sale of the Madison Avenue properties is expected to close in the third quarter, and the sales of the Soho properties is expected to close in the first quarter of 2022.
Vornado Realty Trust to Sell Five Manhattan Retail Properties for $184.5 Million