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.
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