Vornado Realty Trust announced that pursuant to a buy/sell process initiated by its 75 percent partner at a $900 million valuation, it has elected to sell its 25 percent interest in 330 Madison Avenue in Manhattan.
The property is an 846,000-square-foot office building.
Net proceeds to Vornado, after deducting the existing $500 million mortgage loan, will be approximately $100 million. The financial statement gain is estimated to be $161 million and the tax gain is estimated to be $141 million.
The sale is subject to customary closing conditions and is expected to close in the third quarter of 2019.
