A retail joint venture has agreed to sell a part flagship store in New York City for $350 million to Japanese retailer Uniglo.
The JV is majority-owned (52 percent) by Vornado Realty Trust. The sale applies to the Uniqlo portion of the flagship shop at 666 Fifth Avenue in Manhattan, which measures 90,732 square feet. Of that, the JV held 17,295 square feet (6,477 at grade level) of fee condominium interest for the space, which is set to go to Uniqlo.
Vornado said the JV's ownership will continue at Abercrombie & Fitch and Tissot locations at 666 Fifth Avenue. They make up 23,832 square feet of retail space, or 7,416 at grade level, according to the investment trust.
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