October 10, 2018 / 10:24 PM / 5 days ago

Vornado reports $7.3 million gain from 666 Fifth Avenue mortgage sale

NEW YORK (Reuters) - Vornado Realty Trust (VNO.N) said on Wednesday the repayment of a mortgage after the sale of its stake in a Manhattan office tower formerly controlled by the family of President Donald Trump’s son-in-law would result in $7.3 million of net income.

The amount is less than an $8 million gain Vornado had previously said it expected to report on its third-quarter financial statement. A financial statement gain of $134 million was as expected, Vornado said in a regulatory filing.

Vornado reported in August it had completed the sale of its 49.5 percent stake in the office portion of 666 Fifth Avenue, a flagship holding once overseen by Jared Kushner, who is married to Trump’s daughter Ivanka.

Vornado at the time reported net proceeds from the sale were about $120 million and that the existing mortgage loan was repaid.

Canada’s Brookfield Asset Management said at the time that it had acquired a 99-year lease-hold on the tower.

Reporting by Herbert Lash; Editing by James Dalgleish

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