Vornado Realty Trust has struck a deal to purchase a Fifth Avenue building in Manhattan that's currently home to Italian luxury goods retailer Ferragamo, according to the company.
Vornado, a Paramus-based real estate investment trust, has agreed to pay $278 million to acquire 92.5 percent of the 57,500-square-foot property, located at the northeast corner of Fifth Avenue and 52nd Street, in Manhattan. The remaining 7.5 percent is owned by Madison Capital, a New York real estate investment firm.
The purchase should be complete some time in the fourth quarter of this year, according to Vornado. The company did not immediately respond to a request for comment.
The Fifth Avenue space is home to Ferragamo's flagship Manhattan store. The retailer holds a lease for the property through 2028.
Reporter Mary Johnson is @mjohns422 on Twitter.
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