Vornado to Sell Broadway Mall in Hicksville, NY, for $94M
- Feb 18, 2014
Vornado Realty Trust, of Paramus, N.J., has entered into an agreement to sell Broadway Mall in Hicksville, N.Y., on Long Island, for $94 million, the REIT announced Friday.
The sale reportedly will result in net proceeds of about $92 million after closing costs and is expected to close this quarter.
Through a spokesperson, Vornado declined to identify the buyer or comment further on the transaction.
The center is anchored by Ikea, Target, Macy’s, H&M and Old Navy. Other tenants include Forever 21, New York & Co., Broadway Multiplex Cinemas, Zumiez, Hollister, Aeropostale, Charlotte Russe, American Eagle, Rue 21 and Disney Store.
The mall was completed in 1956 as Mid-Island Plaza and was purchased by Vornado for $153 million in October 2005, according to a UPI report at that time.
The sale evidently is part of Vornado’s effort to reduce its mall portfolio and follows the January 2013 sale, for $500 million, of the Green Acres Mall in Valley Stream (also on Long Island) to The Macerich Co.
The mall had filed for bankruptcy in 1990, but the following year began a revitalization that included the addition of the Ikea store.
When Broadway Mall was put up for sale in November, it was 92.6 percent occupied, according to Newsday. Cushman & Wakefield represented Vornado in the sale.