Vornado Sells 45% Stake In Prime Manhattan Retail Portfolio Valued At $5.6 Billion

Vornado Realty Trust has sold a minority stake of its Fifth Avenue and Times Square retail portfolio in a deal that values the assets at about $5.6 billion. Just as surprisingly, Vornado also announced on Thursday that Crown Acquisitions’ Haim Chera would be leaving his family firm to join Vornado as its head of retail. The real estate investment trust transferred 45.4 percent common equity interest in the portfolio, which covers 489,000 square feet of some of the most highly trafficked retail space in the world, to a joint venture of institutional investors advised by Crown, Vornado announced Thursday afternoon. Read more at The Real Deal.