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Vornado Takes Madison Ave. Retail Site for $113M

NEW YORK CITY-Vornado Realty Trust picks up 17,000 sf of Madison Avenue retail space for $113 million. The deal is expected to close in the second quarter.

By Barbara Jarvie | Updated on March 24, 2005

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NEW YORK CITY-In its second major retail acquisition in less than two weeks, Vornado Realty Trust acquired the 17,000-sf retail condominium portion of the former Westbury Hotel for $113 million. The blockfront at Madison Avenue between 69th and 70th streets is currently 100% occupied. Luxury retailers Cartier, Chloe and Gucci have leases that expire in 2018. Sonnenblick-Goldman served as the financial advisor to both the buyer and the seller. Managing director David Schaiman is handling the transaction.

“This is prime, prime, prime retail space,” says Faith Hope Consolo, chairman, retail leasing and sales division for Prudential Douglas Elliman Real Estate. “Space like this very rarely comes to the market.” She said the pricing was comparable to what’s available in the retail marketplace. “That’s the market. Rents there are going at $850 or $900 per sf.”

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