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Vornado Plans to Sell 1740 Broadway

NEW YORK CITY—The REIT also has closed on its acquisition of the retail condominium at the St. Regis Hotel and the adjacent retail townhouse.

By Rayna Katz | Updated on November 03, 2014

NEW YORK CITY—Vornado Realty Trust has agreed to sell 1740 Broadway, a 601,000 square foot office building between 55th and 56th streets. The property is being bought by the Blackstone Group, GlobeSt.com has learned in this UPDATE. The sale price of the asset, formerly the MONY building or Mutual of New York building, was approximately $605 million, or $1,000 per square foot. The financial statement gain will be approximately $443 million. The tax gain will be approximately $483 million, which will be deferred as part of a like-kind exchange for the previously reported acquisition of the St. Regis New York retail on 5th avenue.

The sale is slated for completion in the fourth quarter of 2014. The identity of the buyer was unclear at press time.

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