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NEW YORK - Vornado Realty Trust (NYSE:VNO), a $7.7 billion market cap REIT currently trading below its InvestingPro Fair Value, announced today it has completed the sale of 512 West 22nd Street, a 173,000 square foot Class A office building, for $205 million through its 55% owned joint venture.
After repaying the $123 million mortgage loan on the property and covering transaction expenses, Vornado’s share of the net proceeds amounts to approximately $38 million, according to the company’s press release statement.
The real estate investment trust expects to recognize a financial statement gain of approximately $11 million from this transaction in the third quarter.
The sale, which had been previously announced, represents the completion of the transaction for the Manhattan office property.
Vornado Realty Trust describes itself as a fully-integrated equity real estate investment trust. The company did not disclose the buyer of the property or provide details about future plans for the building in its announcement.
In other recent news, Vornado Realty Trust reported its second-quarter 2025 earnings, surpassing analyst expectations with an EPS of $0.18 compared to the forecasted $0.13. However, the company’s revenue for the quarter was $441.44 million, which fell short of the anticipated $459.27 million. These developments come amid other recent events involving the company. Analysts from various firms have been closely monitoring Vornado Realty Trust, with their assessments reflecting the mixed financial results. The earnings report highlights both the company’s ability to exceed profit expectations and the challenges it faces in meeting revenue projections. These factors are crucial for investors considering their positions in Vornado Realty Trust. The company’s performance will continue to be a point of interest for analysts and investors alike.
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