Vornado Realty Trust To Sell 866 United Nations Plaza In $200 Mln Deal

(RTTNews) - Vornado Realty Trust (VNO) announced Friday that it agreed to sell 866 United Nations Plaza, a 360,000 square foot office building in Manhattan for $200 million. The sale will result in net proceeds of about $146 million, after repaying existing debt and closing costs.

The financial statement gain will be about $128 million. The tax gain will be approximately $166 million and will be deferred in a like-kind exchange as part of Vornado's previously announced acquisition of 655 Fifth Avenue.

The sale is subject to customary closing conditions and, is expected to be completed in the fourth quarter of 2013.