Vornado Realty Trust said it had entered in an agreement to sell the 866 United Nations Plaza property in Manhattan for USD200 million. Its office in Paramus announced the sale of the 360,000 square foot office building. This was according to a report published by NJ Biz.
As stated in the announcement, the sale would be subject to customary closing conditions. It would be expected to generate net proceeds amounting to USD146 million after payment of debts and closing costs. The deal would be finalized within the last quarter of this year as expected, the report said.
The real estate company would be having a tax gain of around USD166 million. The tax gain would be deferred in a like-kind exchange. This is a transaction that would allow the firm to dispose an asset and acquire another without generating tax liability, the report explained.
According to the company's website, the building that was for sale is located at 48th to 49th Streets and First Avenue to F.D.R. Drive. Currently, one of its tenants is Citibank, NJ Biz reported.
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