The Real Deal New York

Vornado to sell office tower at 1740 Broadway for $605M

Buyer of 601,000-square-foot property not disclosed
November 03, 2014 10:41AM

Vornado Realty Trust is selling 1740 Broadway for $605 million, or approximately $1,000 per square foot.

The company announced the sale of the 601,000-square-foot building on Monday in a press release. In a separate deal, Vornado announced that it completed the purchase of the St. Regis Fifth Avenue retail space for $700 million.

The tax gain recorded on financial statements will be about $443 million, according to the release.

Vornado, which owns roughly 2.8 million square feet of retail space in the city, didn’t disclose the buyer of 1740 Broadway. The sale is expected to close in the fourth quarter, according to the release. — Claire Moses