Paramus, N.J. — Vornado Realty Trust has announced an agreement to sell the 1.1 million-sq.-ft. Broadway Mall in Hicksville, Long Island, N.Y., for $94 million to an unknown buyer. The company purchased the mall in 2005 for $152.5 million.
In April 2012, the company announced its intention to reduce exposure to the enclosed mall business and to sell some of its other categories of retail shopping centers. This sale, Vornado’s last shopping center on Long Island, represents a continuation of that policy.
According to a company statement, the sale will result in net proceeds of approximately$92 million after closing costs. In addition, Vornado’s fourth quarter 2013 financial results will include a non-cash impairment loss of $13.4 million related to Broadway Mall.