Vornado to Sell Broadway Mall in Hicksville, New York
PARAMUS, N.J.--(BUSINESS WIRE)--VORNADO REALTY TRUST (NYSE:VNO) announced today that it has entered into an agreement to sell Broadway Mall in Hicksville, Long Island, New York for $94 million. The sale will result in net proceeds of approximately $92 million after closing costs. Vornado fourth quarter 2013 financial results will include a non-cash impairment loss of $13.4 million related to Broadway Mall.
The sale is subject to customary closing conditions and is expected to be completed in the first quarter of 2014.
Vornado Realty Trust is a fully integrated equity real estate investment trust.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.