Vornado Completes the Sale of Its 25% Interest in 330 Madison Avenue
Source: Nasdaq GlobeNewswire / 11 Jul 2019 17:18:04 America/New_York
NEW YORK, July 11, 2019 (GLOBE NEWSWIRE) -- VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed the previously announced sale of its 25% interest in 330 Madison Avenue to its partner at a $900 million valuation. Net proceeds to Vornado, after deducting the existing $500 million mortgage loan, is approximately $100 million. The financial statement gain, which will be recognized in the third quarter, is estimated to be $159 million. The tax gain is estimated to be $138 million.
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. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2018. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.