Vornado to Sell Harlem Park Land for $62M
VORNADO REALTY TRUST (NYSE: VNO) announced today that it has entered into an agreement to sell a parcel of land known as Harlem Park located at 1800 Park Avenue (at 125th Street) in New York City for $65 million plus additional amounts which may be received for brownfield credits.
The sale will result in net proceeds of approximately $62 million and a net gain of approximately $22 million. The sale, which is subject to customary closing conditions, is expected to be completed in the second quarter of 2013.
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.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.