Vornado JV Completes Sale of 512 West 22nd Street for $205 Million
Vornado Realty Trust (NYSE:VNO) has completed the sale of 512 West 22nd Street, a 173,000 square foot Class A office building, through its 55% owned joint venture for $205 million.
Following the repayment of the $123 million mortgage loan and transaction expenses, Vornado's share of the net proceeds amounts to $38 million. The company anticipates recognizing a $11 million financial statement gain in the third quarter from this transaction.
Vornado Realty Trust (NYSE:VNO) ha finalizzato la vendita di 512 West 22nd Street, un edificio per uffici di Classe A di 16.070 metri quadrati (173.000 piedi quadrati), tramite la joint venture di cui detiene il 55%, per $205 milioni.
Dopo il rimborso del mutuo da $123 milioni e le spese legate alla transazione, la quota netta di Vornado è di $38 milioni. La società prevede di contabilizzare un utile di bilancio di $11 milioni nel terzo trimestre derivante da questa operazione.
Vornado Realty Trust (NYSE:VNO) ha cerrado la venta de 512 West 22nd Street, un edificio de oficinas Clase A de 173.000 pies cuadrados, a través de la empresa conjunta en la que posee el 55%, por $205 millones.
Tras el pago del préstamo hipotecario de $123 millones y los gastos de la transacción, la participación neta de Vornado asciende a $38 millones. La compañía espera registrar una ganancia contable de $11 millones en el tercer trimestre por esta operación.
Vornado Realty Trust (NYSE:VNO)가 지분 55%를 보유한 합작법인을 통해 173,000 평방피트 규모의 클래스 A 오피스 빌딩인 512 West 22nd Street를 $2억5백만에 매각을 완료했습니다.
$1억2,300만 모기지 대출 상환 및 거래 비용을 제하고 Vornado의 순수익 지분은 $3,800만입니다. 회사는 이번 거래로 인해 3분기에 $1,100만 규모의 회계상 이익을 인식할 것으로 예상하고 있습니다.
Vornado Realty Trust (NYSE:VNO) a finalisé la vente de 512 West 22nd Street, un immeuble de bureaux Classe A de 173 000 pieds carrés, via sa coentreprise détenue à 55 %, pour 205 millions de dollars.
Après le remboursement de l'emprunt hypothécaire de 123 millions de dollars et les frais de transaction, la part nette revenant à Vornado s'élève à 38 millions de dollars. La société prévoit de comptabiliser un gain comptable de 11 millions de dollars au troisième trimestre lié à cette opération.
Vornado Realty Trust (NYSE:VNO) hat den Verkauf von 512 West 22nd Street, einem 173.000 Quadratfuß großen Klasse-A-Bürogebäude, über das zu 55% gehaltene Joint Venture für $205 Millionen abgeschlossen.
Nach Tilgung der $123 Millionen Hypothek und den Transaktionskosten beläuft sich Vornados Anteil am Nettoerlös auf $38 Millionen. Das Unternehmen erwartet, im dritten Quartal einen buchhalterischen Gewinn von $11 Millionen aus dieser Transaktion zu verbuchen.
- Sale price of $205 million for the Class A office building
- Net proceeds of $38 million for Vornado's share
- Expected financial statement gain of $11 million in Q3
- Successful debt reduction through $123 million mortgage repayment
- Reduction in property portfolio and potential rental income stream
- Disposal of prime Class A office asset in Manhattan
Insights
Vornado's $205M office sale provides $38M in proceeds and $11M gain, indicating strategic portfolio management amid challenging office market conditions.
Vornado Realty Trust has completed the sale of 512 West 22nd Street for
The transaction's financial mechanics reveal important details: After paying off the
This transaction reflects Vornado's active portfolio management strategy amid the challenging New York office market. The ability to sell a large office asset at a price that generates a financial gain is noteworthy in today's market, where office valuations have faced pressure due to higher interest rates and shifting workplace patterns. For Vornado, this sale improves liquidity while realizing value from a non-core asset, allowing management to potentially redeploy capital toward higher-growth opportunities or strengthen the balance sheet.
The
NEW YORK, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its
After repayment of the
Vornado expects to recognize an approximate
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
CONTACT
Thomas J. Sanelli
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Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. 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, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
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