Vornado Sees $306M Loss On Fifth Ave & Times Square Retail Jv

by therealdeal.com posted 2months ago 22 views
The “tragic abyss” that coronavirus has created for Vornado Realty Trust’s finances now includes a massive writedown on some of the city’s most valuable retail real estate. The real estate investment trust has recorded a nearly $306 million impairment loss on its Fifth Avenue and Times Square retail joint venture, according to preliminary estimates released Monday. That equates to a net loss of $1.50 per share, SEC filings show. Meanwhile, Vornado has continued to see The post Vornado: Coronavirus responsible for $306M loss on value of prized retail JV appeared first on The Real Deal New York.

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