Vornado Realty Trust has announced that its street retail joint venture, in which it holds a 52% stake, has reached an agreement to sell the U.S. flagship store at 666 Fifth Ave. to Japanese apparel brand Uniqlo for $350 million. The sale includes the portion of the store owned by the retail JV, while Uniqlo will also acquire the remaining space from Brookfield Properties – owner of an office condominium known as 660 Fifth Ave.
The JV currently owns a fee condo interest in approximately 17,295 square feet within Uniqlo’s total store area of 90,732 square feet. Upon completion of both sales transactions in early first quarter of2025,the pass-through leases between Brookfield Properties and Vornado’s retail JV will be terminated.
Eastdil Secured served as advisor to Vornado’s street retail JV during this transaction. Following these sales agreements,Vornado confirms that its JV will retain ownership over another section totaling23,832 square feet at666 Fifth Ave., housing Abercrombie & Fitch and Tissot stores.
