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Old Posted Apr 7, 2018, 1:01 AM
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Vornado announces “handshake” deal to sell 666 Fifth stake to Kushner
Steve Roth's firm will hold onto the retail

By Will Parker
April 06, 2018

Vornado Realty Trust chairman Steve Roth said Friday he had a “handshake” deal to sell the company’s 49.5 percent stake in 666 Fifth Avenue to the office building’s majority owner, Kushner Companies.

In the company’s annual letter to shareholders, Vornado said it intended to retain its ownership in the building’s retail condominium, even if the deal to sell its office stake goes through.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.