Vornado Realty Trust disclosed in a regulatory filing last week that its writing down the value of its portfolio by $600M.
The lion's share of the impairment charge—about $480M—is related to another drop in the valuation of the REIT's ownership stake in a seven-property portfolio of Times Square and Fifth Avenue office and retail properties, including a Broadway theater, encompassing a total of nearly 850K SF.
Vornado owns the Midtown portfolio in partnership with Crown Acquisitions, which purchased a stake in 2019 for $2.5B. The write-down is the second impairment charge assigned to the seven-building package; in Q3 2020, the partners took a write-down of $409M.
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