Vornado Goes on a Buying Spree

The first transaction was the $152.5 million purchase of Broadway Mall.Vornado Realty Trust has completed two acquisitions worth a combined $248.5 million in the metropolitan New York City and Boston markets. The first transaction was the purchase of the 1.2 million-sq.-ft. Broadway Mall in Hicksville, Long Island for $152.5 million, including the assumption of an existing $94.9 million mortgage. The mall is located near the Long Island Expressway and anchor tenants include Macy’s, Ikea, Target and multiplex cinemas.

Vornado, a Paramus-based real estate investment trust, also bought the Boston Design Center for $96 million, consisting of $24 million in cash and the assumption of an existing $72 million mortgage. The 552,500-sq.-ft. property in South Boston features 78 showrooms containing customized interior furnishings. Vornado’s Merchandise Mart division will operate the property. Vornado shares (NYSE: VNO) fell $0.07 to $84.54 in afternoon trading.

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