According to a spokesperson for NAI DG, which handled the deal, Tower's 692 Broadway location is one of the company's strongest performing stores. The spokesperson adds that the sale-leaseback arrangement gave Tower "the financial benefit of cash and balance while maintaining a strong presence."

The NAI DG Hart team of Stephen D. Dadourian, Peter G. Lindner and Sean K. Regan, working in conjunction with the NAI BT Commercial team of Jim Gray and Morgan Walsh represented the seller. Vornado was repped by the NAI DG Hart Corporate Services team of S. Craig Nardi, Gerry McHugh and Joseph J. Pollaci.

Earlier this year, Vornado, based in Paramus, NJ, acquired a residential/retail complex at East 66th Street and Madison Avenue for $158 million. The 9,100 sf of retail space is fully occupied by Basso, Gaultier and Krizia. That was the REIT's second Madison Avenue purchase this year. The company spent $113 million for the 17,000-sf retail condominium portion of the former Westbury Hotel which occupies the blockfront at Madison Avenue between 69th and 70th streets.