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Reit leads US$700m deal for St Regis stores

Published Thu, Jul 10, 2014 · 10:00 PM
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[NEW YORK] Vornado Realty Trust is leading a partnership to buy the retail portion of the St Regis Hotel on Manhattan's Fifth Avenue for about US$700 million, gaining space on one of the world's most expensive shopping corridors.

The real estate investment trust (Reit) joined with Crown Acquisitions, a New York-based property firm that specialises in retail space, in a deal for the stores, which have 100 feet of frontage on Fifth Avenue at 55th Street. The acquisition…

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