Vornado Finalizes 666 Fifth Retail Buy

NEW YORK CITY-Vornado Realty Trust late Thursday afternoon closed the loop on its previously announced acquisition of the retail condominium at 666 Fifth Ave., announcing that it had finalized the $707-million acquisition from a partnership of the Kushner Cos., Crown Acquisitions and the Carlyle Group. The REIT says the acquisition will be used in a like-kind exchange for income tax purposes for two completed asset sales and its previously announced $500-million sale of the Green Acres Mall in Valley Stream, NY, which is slated to be finalized in the first quarter of 2013.

The 114,000 square feet of 666 Fifth retail, leased to Uniqlo, Hollister and Swatch, expands Vornado’s portfolio of Manhattan street retail to 2.3 million square feet. The office tower’s retail space also includes the 38,750-square-foot former NBA store, which Spanish retailer Inditex bought in March 2011 for a record-setting $324 million.