Vornado Realty Trust sold 512 West 22nd Street for $205 million, expecting a $11 million gain in Q3.
Quiver AI Summary
Vornado Realty Trust announced that its 55% owned joint venture has finalized the sale of a Class A office building located at 512 West 22nd Street for $205 million. Following the repayment of a $123 million mortgage and associated transaction costs, Vornado's share of the net proceeds will be around $38 million. The company anticipates recognizing approximately $11 million in financial gains from this sale in the third quarter. Vornado Realty Trust is a fully-integrated equity real estate investment trust, and this transaction is part of its ongoing business activities.
Potential Positives
- Vornado Realty Trust successfully completed the sale of a Class A office building for $205 million, enhancing its financial liquidity.
- The transaction includes a significant net proceeds share of approximately $38 million for Vornado, positively impacting its capital position.
- Vornado expects to recognize an approximate $11 million financial statement gain in the third quarter, contributing positively to its earnings.
Potential Negatives
- The sale may indicate a strategic retreat or inability to hold onto assets, raising concerns about the company's long-term growth prospects.
- The significant mortgage repayment of $123 million suggests high leverage, which could be a risk factor for financial stability.
- The forward-looking statements highlight uncertainties and risks in the real estate market, potentially alarming investors about the company's future performance.
FAQ
What property did Vornado Realty Trust sell?
Vornado Realty Trust sold the office building located at 512 West 22nd Street.
How much did Vornado Realty Trust receive from the sale?
Vornado's share of the net proceeds from the sale is approximately $38 million.
What is the financial gain expected by Vornado from this transaction?
Vornado expects to recognize an approximate $11 million financial statement gain in the third quarter.
What percentage of the property does Vornado Realty Trust own?
Vornado Realty Trust owns 55% of the joint venture associated with the property.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VNO Insider Trading Activity
$VNO insiders have traded $VNO stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $VNO stock by insiders over the last 6 months:
- HAIM CHERA (EVP- HEAD OF RETAIL) sold 20,000 shares for an estimated $759,629
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$VNO Hedge Fund Activity
We have seen 206 institutional investors add shares of $VNO stock to their portfolio, and 208 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- DEUTSCHE BANK AG\ removed 2,742,441 shares (-92.9%) from their portfolio in Q2 2025, for an estimated $104,870,943
- JPMORGAN CHASE & CO added 2,344,037 shares (+88.1%) to their portfolio in Q2 2025, for an estimated $89,635,974
- PRICE T ROWE ASSOCIATES INC /MD/ removed 1,462,612 shares (-16.5%) from their portfolio in Q1 2025, for an estimated $54,102,017
- RESOLUTION CAPITAL LTD added 1,296,163 shares (+inf%) to their portfolio in Q2 2025, for an estimated $49,565,273
- CITADEL ADVISORS LLC removed 1,066,751 shares (-47.2%) from their portfolio in Q1 2025, for an estimated $39,459,119
- RUSSELL INVESTMENTS GROUP, LTD. removed 870,706 shares (-77.6%) from their portfolio in Q2 2025, for an estimated $33,295,797
- HEITMAN REAL ESTATE SECURITIES LLC removed 755,513 shares (-98.9%) from their portfolio in Q1 2025, for an estimated $27,946,425
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$VNO Analyst Ratings
Wall Street analysts have issued reports on $VNO in the last several months. We have seen 0 firms issue buy ratings on the stock, and 2 firms issue sell ratings.
Here are some recent analyst ratings:
- Barclays issued a "Underweight" rating on 03/14/2025
- Goldman Sachs issued a "Sell" rating on 02/25/2025
To track analyst ratings and price targets for $VNO, check out Quiver Quantitative's $VNO forecast page.
$VNO Price Targets
Multiple analysts have issued price targets for $VNO recently. We have seen 8 analysts offer price targets for $VNO in the last 6 months, with a median target of $38.5.
Here are some recent targets:
- Steve Sakwa from Evercore ISI Group set a target price of $44.0 on 08/06/2025
- Nicholas Yulico from Scotiabank set a target price of $45.0 on 07/14/2025
- Vikram Malhorta from Mizuho set a target price of $43.0 on 07/14/2025
- Michael Lewis from Truist Securities set a target price of $38.0 on 06/03/2025
- Alexander Goldfarb from Piper Sandler set a target price of $39.0 on 05/23/2025
- Ross Smotrich from Barclays set a target price of $32.0 on 03/14/2025
- Ronald Kamdem from Morgan Stanley set a target price of $28.0 on 03/14/2025
Full Release
NEW YORK, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 55% owned joint venture has completed the previously announced sale of 512 West 22 nd Street, a 173,000 square foot Class A office building, for $205 million.
After repayment of the $123 million mortgage loan encumbering the property and transaction expenses, Vornado’s share of the net proceeds is approximately $38 million.
Vornado expects to recognize an approximate $11 million financial statement gain from this transaction in the third quarter.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
CONTACT
Thomas J. Sanelli
(212) 894-7000
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
