Vornado JV Completes Sale of 512 West 22nd Street for $205 Million
Vornado AG真人官方ty 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 AG真人官方ty 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 猫 di $38 milioni. La societ脿 prevede di contabilizzare un utile di bilancio di $11 milioni nel terzo trimestre derivante da questa operazione.
Vornado AG真人官方ty Trust (NYSE:VNO) ha cerrado la venta de 512 West 22nd Street, un edificio de oficinas Clase A de 173.000 pies cuadrados, a trav茅s de la empresa conjunta en la que posee el 55%, por $205 millones.
Tras el pago del pr茅stamo hipotecario de $123 millones y los gastos de la transacci贸n, la participaci贸n neta de Vornado asciende a $38 millones. La compa帽铆a espera registrar una ganancia contable de $11 millones en el tercer trimestre por esta operaci贸n.
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Vornado AG真人官方ty Trust (NYSE:VNO) a finalis茅 la vente de 512 West 22nd Street, un immeuble de bureaux Classe A de 173 000 pieds carr茅s, via sa coentreprise d茅tenue 脿 55 %, pour 205 millions de dollars.
Apr猫s le remboursement de l'emprunt hypoth茅caire de 123 millions de dollars et les frais de transaction, la part nette revenant 脿 Vornado s'茅l猫ve 脿 38 millions de dollars. La soci茅t茅 pr茅voit de comptabiliser un gain comptable de 11 millions de dollars au troisi猫me trimestre li茅 脿 cette op茅ration.
Vornado AG真人官方ty Trust (NYSE:VNO) hat den Verkauf von 512 West 22nd Street, einem 173.000 Quadratfu脽 gro脽en Klasse-A-B眉rogeb盲ude, 眉ber das zu 55% gehaltene Joint Venture f眉r $205 Millionen abgeschlossen.
Nach Tilgung der $123 Millionen Hypothek und den Transaktionskosten bel盲uft sich Vornados Anteil am Nettoerl枚s 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 AG真人官方ty 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 AG真人官方ty Trust (NYSE:VNO) announced today that its
After repayment of the
Vornado expects to recognize an approximate
Vornado AG真人官方ty Trust is a fully-integrated equity real estate investment trust.
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FAQ
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