Vornado Realty Trust, which has significant operations in Paramus, announced Wednesday it has completed the previously announced sale of 866 United Nations Plaza.
According to the announcement, the sale of the 360,000-square-foot office building in Manhattan for $200 million resulted in net proceeds of about $146 million, after repaying existing debt and closing costs. The financial statement gain of $127 million will be recognized in the fourth quarter. The tax gain of approximately $165 million will be deferred in a like-kind exchange as part of Vornado's previously announced acquisition of 655 Fifth Avenue.
Vornado announced its agreement to sell the massive office building in early November.
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