2023-07-27 17:55:00 ET
- Vornado Realty Trust ( NYSE: VNO ) on Thursday said it had entered into a deal to sell four Manhattan retail properties along with the iconic Armory Show art fair in New York for a combined price of $124.4M.
- The four Manhattan properties are located at 510 Fifth Avenue, 148–150 Spring Street, 443 Broadway and 692 Broadway, with the sale expected to close in Q3.
- "The combined impact of the two transactions will be an approximately $20M gain, which will be recognized in the third quarter," VNO said in a statement .
- The Armory Show is particularly known for its 1913 exhibit, which has been widely recognized as the first large exhibition of modern art in America and an important event in the history of American art.
- Vornado Realty Trust ( VNO ) stock earlier closed -1.9% at $21.40.
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Vornado to sell four Manhattan properties, Armory Show art fair for about $124M