Vornado has entered into an agreement to sell four Manhattan retail properties located at 510 Fifth Avenue, 148 – 150 Spring Street, 443 Broadway and 692 Broadway and that it has sold The Armory Show in New York for a combined sales price of $124.4M. The sale of the four retail properties is subject to customary closing conditions and is expected to close in Q3. The combined impact of the two transactions will be an approximately $20M gain, which will be recognized in Q3.
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