X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Continuing its emphasis on urban retail as it sells off suburban mall properties, Vornado Realty Trust said late Tuesday afternoon that it’s buying a 92.5% interest in 655 Fifth Ave., a 57,500-square-foot retail and office property in the heart of the Fifth Avenue shopping corridor. The REIT will plunk down $278 million for the controlling stake, a far cry from the $71 million paid by a joint venture including Madison Capital to acquire the then-troubled property in 2010. Madison will continue to own the remaining 7.5%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.