Vornado Seals $278M Deal For Plum 5th Ave Retail Location

By Kaitlin Ugolik (October 7, 2013, 4:34 PM EDT) -- Vornado Realty Trust has closed on the $278 million purchase of the retail and office property at 655 Fifth Ave. in New York, the real estate investment trust's second major closing in the last week, it announced Monday.

Vornao purchased about 92.5 percent of the property, with Madison Capital retaining control of the other 7.5 percent.

The 57,500-square-foot property, at the northeast corner of Fifth Avenue and 52nd Street, is leased in large part to Italian luxury goods company Salvatore Ferragamo SpA for its flagship store through 2028, according to Vornado.

"This acquisition will be used in a like-kind exchange for...

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