Vornado To Sell Five Manhattan Retail Properties, Takes $7 Million Loss

Vornado Realty Trust has agreed to sell off five struggling retail properties in Soho and the Upper East Side for $184.5 million, resulting in a loss of about $7 million. The New York-based real estate firm, led by Steve Roth, is selling properties at 677-679 Madison Avenue, 759-771 Madison Avenue, 828-850 Madison Avenue, 478-482 Broadway and 155 Spring Street, according to a statement from the company. Vornado declined to comment beyond the statement. Vornado, which didn’t disclose the buyer, said the properties have “negative income” and occupancy stands at just 30 percent. Read more at The Real Deal.