Real Estate Weekly - 26 October 2005
Real Estate Weekly has reported that Tower Records has sold its flagship store at 692 Broadway in New York City for $28 million in a sale-leaseback transaction with Vornado Realty Trust. Tower Records, which recently came out of a pre-packed bankruptcy, owned five contiguous ground floor retail condominium units totaling 35,752 square feet in the Silk Building, a 12-story mixed-use building, on East Fourth Street between Broadway and Lafayette. Tower Records will lease back the units from Vornado for an initial term of ten years, with the option to extend for two additional five year terms.
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