New Valley, The Witkoff Group and Winthrop Realty Trust Acquire 701 Seventh Avenue

A group led by New Valley LLC (“New Valley”), which is wholly owned by VectorGroup Ltd. (NYSE: VGR), The Witkoff Group and Winthrop Realty Trust (NYSE: FUR), today announced that it has acquired 701 Seventh Avenue in New York, NY(the “Property”). New Valley, The Witkoff Group, Winthrop and other partiesare providing equity investments for the transaction, with Starwood CapitalGroup providing both debt financing and equity.The Property, located on the northeast corner of Seventh Avenue and 47^thStreet in the Times Square submarket of New York City, totals approximately120,000 gross square feet. It is a rectangular corner parcel (0.4 acres)occupied by two buildings, both of which were constructed in the early 1900s.The site will be fully redeveloped with new retail, signage and other bestuses. Times Square is one of the most coveted tenant destinations in theworld, attracting more than 500,000 people per day spending more than $4.8billion annually on hotels, retail and entertainment.“We are thrilled to be partnering with The Witkoff Group and Winthrop toacquire this prime real estate asset on a desirable corner in Manhattan'sTimes Square area,” said Howard M. Lorber, President and Chief ExecutiveOfficer of Vector Group, New Valley's parent company. “We see many attractiveredevelopment opportunities for this site, which will include premium spacefor retail, entertainment, food and beverage businesses, as well as a site fora potential 30-story hotel.”