Vornado Acquires Retail Portion of Former Westbury Hotel in Manhattan
PARAMUS, N.J.--(BUSINESS WIRE)--March 24, 2005--VORNADO REALTY TRUST (New York Stock Exchange: VNO) today announced that it has entered into an agreement to acquire the retail condominium of the former Westbury Hotel for $113 million. This Manhattan property occupies the entire Madison Avenue blockfront between 69th and 70th Streets and contains approximately 17,000 square feet. This retail space is fully occupied by luxury retailers, Cartier, Chloe and Gucci under leases that expire in 2018. The purchase, which is expected to close in the second quarter of 2005, is subject to 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: Vornado Realty Trust
Joseph Macnow, 201-587-1000
SOURCE: Vornado Realty Trust