{"id":1004673931,"date":"2023-07-28T03:09:37","date_gmt":"2023-07-28T11:09:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004673931"},"modified":"2023-08-01T10:58:50","modified_gmt":"2023-08-01T18:58:50","slug":"vornado-to-sell-manhattan-retail-portfolio-for-124m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-to-sell-manhattan-retail-portfolio-for-124m\/","title":{"rendered":"Vornado Sells Manhattan Retail Assets for $124M"},"content":{"rendered":"<div id=\"attachment_1004673941\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004673941\" data-attachment-id=\"1004673941\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-to-sell-manhattan-retail-portfolio-for-124m\/510-fifth-avenue-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"510 fifth avenue 1\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;510 Fifth Avenue. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg?w=1000\" class=\"wp-image-1004673941 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg?w=300\" alt=\"510 Fifth Avenue\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004673941\" class=\"wp-caption-text\">510 Fifth Ave. <em>Image courtesy of CommercialEdge<\/em><\/p><\/div>\n<p class=\"MsoNormal\"><span style=\"background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\"><strong>Vornado Realty Trust<\/strong> has entered into an agreement to sell four downtown Manhattan retail buildings, encompassing 123,000 square feet of space. The company also sold a fifth retail asset as part of a second deal. The combined sales price for the two transactions is $<\/span><span style=\"background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">124.4 million.<\/span><\/p>\n<p>The sale of the four buildings is expected to close later this quarter. Combined, these deals are expected to generate an approximately $20 million net gain.<\/p>\n<p>The properties included in the latest disposition are:<\/p>\n<ul>\n<li><span style=\"background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">a<\/span><span style=\"font-size: revert; text-indent: -0.25in; color: initial;\"> 65,000-square-foot Class B retail property at 510 Fifth Ave., situated within the Plaza District submarket<\/span><\/li>\n<li>a 7,000-square-foot property at 148 Spring St. that includes office and retail space<\/li>\n<li>a 16,000-square-foot asset at 443 Broadway, currently occupied by art supplier Blick Art Materials<\/li>\n<li>a 35,000-square-foot, 13-story retail building at 692 Broadway<\/li>\n<\/ul>\n<p>The asset that sold earlier this month was the iconic art gallery Armory Show, acquired by Frieze Art Fair, according to the <i style=\"font-size: revert; text-indent: -0.25in; color: initial;\"><a href=\"https:\/\/www.nytimes.com\/2023\/07\/13\/arts\/frieze-acquires-armory-show-expo-chicago.html\" target=\"_blank\" rel=\"noopener\">New York Times.<\/a><\/i><\/p>\n<p>The portfolio&#8217;s tenant roster includes SirionLabs, The North Face, The Drawing Room and Dr. Martens among others, CommercialEdge data shows.<\/p>\n<p>Despite the current <a href=\"https:\/\/www.commercialsearch.com\/news\/after-this-interest-rate-hike-will-the-fed-finally-hit-pause\/\">economic climate<\/a>, retail remained a top-performing asset class in the Greater New York region this year. Earlier this month, Stockbridge Capital Group, in partnership with Cypress Equities, sold a 186,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/stockbridge-jv-sells-new-jersey-walmart-for-55-million\/\">Walmart Supercenter<\/a> in Linden, N.J.&nbsp;Heritage Properties Inc. picked up the asset through a 1031 exchange for $55 million.<\/p>\n<p>In May, an affiliate of Northeast Capital Group purchased West Falls Plaza, a 90,945-square-foot<a href=\"https:\/\/www.commercialsearch.com\/news\/site-centers-sells-new-jersey-retail-center\/\"> retail center in Woodland Park<\/a>, N.J. SITE Centers sold the asset for $18 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A pair of deals is expected to generate a $20 million gain for the REIT.<\/p>\n","protected":false},"author":2991,"featured_media":1004673941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21749],"tags":[33030],"class_list":["post-1004673931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vornado Sells Manhattan Retail Assets for $124M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Vornado Realty Trust sold an art gallery and will sell a retail portfolio in downtown Manhattan, for a combined $124.4 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vornado-to-sell-manhattan-retail-portfolio-for-124m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Sells Manhattan Retail Assets for $124M\" \/>\n<meta property=\"og:description\" content=\"Vornado Realty Trust sold an art gallery and will sell a retail portfolio in downtown Manhattan, for a combined $124.4 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-to-sell-manhattan-retail-portfolio-for-124m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-28T11:09:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-01T18:58:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/510-fifth-avenue-1-e1690535085722.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vornado-to-sell-manhattan-retail-portfolio-for-124m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vornado-to-sell-manhattan-retail-portfolio-for-124m\/\",\"name\":\"Vornado Sells Manhattan Retail Assets for $124M - 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