Posted Feb 20, 2020, 3:39 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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https://www.fool.com/earnings/call-t...-call-tra.aspx
Vornado Realty Trust
Q4 2019 Earnings Call
Feb 19, 2020
Quote:
Our non-comparable items in the fourth quarter included the $173.7 million after-tax net gain on unit closings at 220 Central Park South. To date, we have closed on 65 units for a net proceeds of $1.82 billion, including 17 units for $565.9 million in the fourth quarter.
We are now 91% sold in the face of a very soft luxury condo market, a testament to the building being the best ever built in New York City. And our sales continued strong.
Since the beginning of 2019, we have executed contracts for $400 million. We expect to receive over $1 billion from closings in 2020, and as we've said previously, all the net proceeds will be redeveloped into the Penn District redevelopments under way, turning this capital into highly accretive earnings and driving strong future growth.
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NEW YORK is Back!
“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.
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