Vornado Agrees to Sell its 25% Interest in 330 Madison Avenue
NEW YORK.....VORNADO REALTY TRUST (NYSE:VNO) announced today that pursuant to a buy/sell process initiated by its 75% partner at a $900 million valuation, it has elected to sell its 25% interest in 330 Madison Avenue. The property is a 846,000 square foot Manhattan office building. Net proceeds to Vornado, after deducting the existing $500 million mortgage loan, will be approximately $100 million. The financial statement gain is estimated to be $161 million and the tax gain is estimated to be $141 million.
The sale is subject to customary closing conditions and is expected to close in the third quarter of 2019.
Vornado Realty Trust is a fully integrated equity real estate investment trust.