Vornado Realty Trust has reached a deal to pay about $710 million for the retail portion of Kushner Companies’ 666 Fifth Avenue, the Wall Street Journal reported. The sale would drive the value of the retail space at the building, which spans an entire city block and houses shops such as Uniqlo and Hollister, to $1 billion, according to the Journal.
In 2008, Crown Acquisitions and the Carlyle Group bought a 49 percent interest in the building’s retail section, valuing the asset at $525 million. If the transaction goes through, it will represent a significant profit for the sellers, a partnership of Crown, Carlyle and Kushner.
Last year, the partnership sold a portion of the retail to Inditex Group, the parent company of Spanish clothing manufacturer Zara, for $324 million, the Journal said. [WSJ]