Vornado Completes the Sale of its Interests in the 666 Fifth Avenue Office Condominium

Aug 04, 2018

NEW YORK, Aug. 03, 2018 (GLOBE NEWSWIRE) -- VORNADO REALTY TRUST (NYSE:VNO, Financial) announced today that it has completed the previously announced sale of its 49.5% interests in the 666 Fifth Avenue Office Condominium to an affiliate of its partner, the Kushner Companies. Net proceeds to Vornado from the sale was approximately $120 million. The financial statement gain, which will be recognized in the third quarter, is estimated to be $134 million. The tax gain is estimated to be $244 million.

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