Vornado Realty Trust has reached a “handshake” deal to sell back to Kushner Companies its stake in 666 Fifth Avenue, a financially distressed Manhattan office building.
Vornado (VNO), a real estate investment company, disclosed the informal deal in an annual letter to investors on Friday.
CEO Steven Roth wrote he believes the deal with Kushner Companies will “repay our investment” plus a return.
The filing left out key details about the deal including the financial terms and how Kushner Companies will pay for the repurchase.
About $1.2 billion dollars of debt is due on the property in February 2019.
A Kushner Companies spokeswoman declined to comment on the letter and declined to provide further details.
Casino mogul talked with Kushner Companies on possible real estate deal
Vornado acquired a 49.5% stake in the cash-strapped building in 2011.
Kushner Companies the family company of President Donald Trump’s son-in-law Jared Kushner bought the property in 2007 in a mostly debt deal valued at a record $1.8 billion. At the time of purchase, the company was under Jared Kushner’s leadership.
Top Casino Stocks To Watch Right Now: Information Services Group Inc.(III)
- [By Joseph Griffin]
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- [By Joseph Griffin]
3i Group (LON:III) had its price target upped by Societe Generale from GBX 1,020 ($13.58) to GBX 1,130 ($15.04) in a research note released on Thursday. The brokerage currently has a buy rating on the stock.
- [By Logan Wallace]
CGI Group (NYSE: GIB) and Information Services Group (NASDAQ:III) are both computer and technology companies, but which is the better investment? We will contrast the two companies based on the strength of their profitability, earnings, dividends, analyst recommendations, risk, valuation and institutional ownership.
- [By Joseph Griffin]
RMR Group (NASDAQ: RMR) and Information Services Group (NASDAQ:III) are both finance companies, but which is the better investment? We will compare the two companies based on the strength of their analyst recommendations, risk, profitability, dividends, valuation, institutional ownership and earnings.
Top Casino Stocks To Watch Right Now: The York Water Company(YORW)
- [By Ethan Ryder]
BidaskClub downgraded shares of York Water (NASDAQ:YORW) from a hold rating to a sell rating in a research report report published on Thursday.
Separately, Hilliard Lyons raised shares of York Water from an underperform rating to a neutral rating in a research report on Thursday, March 8th.
Top Casino Stocks To Watch Right Now: United Dominion Realty Trust, Inc.(UDR)
- [By Benzinga News Desk]
Trump to grant lifeline to money-losing coal power plants: Link $
Nonfarm Payrolls for May 223.0K vs 189.0K Est; Prior 164.0K. Private Payrolls for May 218.0K vs 183.0K Est; Prior 168.0K
US Unemployment Rate for May 3.80% vs 3.90% Est; Prior 3.90%
The manufacturing PMI for May is schedule for release at 9:45 a.m. ET.
Data on construction spending for April will be released at 10:00 a.m. ET.
The ISM manufacturing index for May is schedule for release at 10:00 a.m. ET.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
Stifel Upgrades UDR (NYSE: UDR) from Hold to Buy
Imperial Upgrades American Airlines (NASDAQ: AAL) from In-Line to Outperform
Imperial Downgrades Southwest Airlines (NYSE: LUV) from Outperform to In-Line
JPMorgan Downgrades Scotts Miracle-Gro (NYSE: SMG) from Neutral to Underweight
This is a tool used by the Benzinga News Desk each trading day — it's a look at everything happening in the market, in five minutes. To get the full version of this note every morning, click here.
- [By Stephan Byrd]
News articles about United Dominion Realty Trust (NYSE:UDR) have trended somewhat positive recently, according to Accern Sentiment Analysis. The research group identifies positive and negative news coverage by reviewing more than 20 million news and blog sources in real-time. Accern ranks coverage of companies on a scale of negative one to one, with scores closest to one being the most favorable. United Dominion Realty Trust earned a news sentiment score of 0.16 on Accern’s scale. Accern also gave news articles about the real estate investment trust an impact score of 47.5630416063411 out of 100, indicating that recent news coverage is somewhat unlikely to have an impact on the stock’s share price in the near future.