The “tragic abyss” that coronavirus has created for Vornado Realty Trust’s finances now includes a massive writedown on some of the city’s most valuable retail real estate. The real estate investment trust has recorded a nearly $306 million impairment loss on its Fifth Avenue and Times Square retail joint venture, according to preliminary estimates released Monday. That equates to a net loss of $1.50 per share, SEC filings show. Meanwhile, Vornado has continued to see
source https://therealdeal.com/2020/07/21/vornado-coronavirus-responsible-for-306m-loss-on-value-of-prized-retail-jv/
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