NEW YORK CITY—Vornado Realty Trust has agreed tosell 1740 Broadway, a 601,000 square foot office building between55th and 56th streets. The property is being bought by theBlackstone Group, GlobeSt.com has learned in thisUPDATE. The sale price of the asset, formerly theMONY building or Mutual of New York building, was approximately$605 million, or $1,000 per square foot. The financialstatement gain will be approximately $443 million. The taxgain will be approximately $483 million, which will be deferred aspart of a like-kind exchange for the previously reported acquisition of the St. Regis New Yorkretail on 5th avenue.
The sale is slated for completion in the fourth quarter of 2014.The identity of the buyer was unclear at press time.
Meanwhile, the REIT has completed the purchase of the retailcondominium of the St. Regis Hotel and the adjacent retailtownhouse for $700 million. Vornado owns approximately 75% of thejoint venture that holds the property.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
