PARAMUS, N.J.--(BUSINESS WIRE)--VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed its previously announced acquisition of the retail condominium located at 666 Fifth Avenue at 53rd Street for $707 million, expanding its best-in-class Manhattan street retail portfolio to 2.3 million square feet. The retail condominium at 666 Fifth Avenue is leased to Uniqlo, Hollister and Swatch. Vornado also owns one-half of the office building above.
This acquisition will be used in a like-kind exchange for income tax purposes for two completed asset sales and the sale of the Green Acres Mall, Valley Stream, Long Island, New York, to be completed in the first quarter of 2013.
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.