Vornado Completes Sale of
Green Acres Mall for $500 Million
PARAMUS, NEW JERSEY.......VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed the previously announced sale of the Green Acres Mall, Valley Stream, Long Island, New York for $500 million. Net proceeds from the sale were approximately $185 million after repaying the existing loan and closing costs.
The financial statement gain is approximately $205 million and the tax gain is approximately $304 million. The tax gain has been deferred as part of a like-kind exchange.
Vornado Realty Trust is a fully integrated equity real estate investment trust.