Vornado Realty Trust, which has significant operations in Paramus, announced today it has completed its acquisition of 655 Fifth Avenue, a 57,500-square-foot retail and office property located at the northeast corner of Fifth Avenue and 52nd Street in Manhattan. The property has 50 feet of frontage on Fifth Avenue.
The acquisition was first announced in August.
According to the announcement, Vornado acquired approximately 92.5 percent of this property for $278 million. The other 7.5 percent is owned by Madison Capital. The property is leased to Ferragamo through 2028 for its flagship Manhattan store, which is located both in the property and the adjacent property owned by Ferragamo.This acquisition will be used in a like-kind exchange for income tax purposes.