Vornado to Acquire Broadway Mall In Hicksville, Long Island, NY
PARAMUS, N.J.--(BUSINESS WIRE)--Oct. 31, 2005--Vornado Realty Trust (NYSE:VNO) announced that it has entered into an agreement to acquire the 1.2 million square foot Broadway Mall for approximately $153 million, including $95.8 million of existing debt. The Broadway Mall is located on Route 106 just off exit 41 of the Long Island Expressway (Interstate 495) in Hicksville, Long Island, New York and is anchored by Macy's, Ikea, Target and Multiplex Cinemas.
This purchase, which is expected to close in the fourth quarter of 2005, is subject to lender approval and customary closing conditions.
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.
CONTACT: For Vornado Realty Trust
Joseph Macnow, 201-587-1000
SOURCE: Vornado Realty Trust