Vornado Buys 666 Fifth Retail, Sells Mart Properties

(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)

NEW YORK CITY-Vornado Realty Trust kept the Fourth of July celebration rolling into Thursday, setting off a fireworks display of big-ticket acquisitions and dispositions. The REIT is paying $707 million for the 666 Fifth Ave. retail space currently controlled by a partnership of the Kushner Cos., Crown Acquisitions and the Carlyle Group, while selling all but one of its remaining Mart segment properties for a total of $228 million. Separately, Vornado said late Thursday that it’s also selling a Washington, DC office building and buying a retail property in Miami Beach.