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Vornado Realty Trust : Wegmans Announces Plan to Open Manhattan Store in 2023

08/04/2021 | 10:55am EDT

Rochester, N.Y. and New York City - Wegmans Food Markets is bringing its unmatched customer service, restaurant foods, one-stop shopping, and consistent low prices to Manhattan with the announcement of its second NYC location, Wegmans and Vornado Realty Trust (NYSE: VNO) said today. The Manhattan Wegmans, scheduled to open in the second half of 2023, will be located at Vornado's 770 Broadway, the former site of the Astor Place Kmart. Wegmans opened its first NYC store in the Brooklyn Navy Yard in October of 2019.

'We are so excited to bring Wegmans to Manhattan. This is something we've been dreaming about and working toward for a long time,' said Colleen Wegman, president and CEO of Wegmans Food Markets. 'The community's response to the opening of our Brooklyn store had an excitement and energy that you can only experience in New York City. You can feel that energy returning to the city, and we are thrilled to be a part of it.'

'We are delighted to be part of bringing the beloved Wegmans to Manhattan,' said Steven Roth, Vornado's Chairman and Chief Executive Officer. 'Wegmans is one of a kind and will be a best-in-class addition to Manhattan, both for the local neighborhoods and as a destination for residents from across the island. We look forward to partnering with Wegmans' talented team on the opening of this signature location.'

Under the terms of the 30-year lease, Wegmans will occupy space on both the street and lower levels of 770 Broadway for a total of roughly 82,000 square feet. The building is located in the heart of Greenwich Village, at the nexus of downtown residential, retail and office locations, and occupies a full city block between 8th and 9th Streets and Broadway and Fourth Avenue. A 1.2-million-square-foot landmarked building, 770 Broadway is the historic Wanamaker's department store that Vornado transformed into one of Manhattan's premier office and creative hubs catering to some of the world's best-known technology and media leaders.

'Wegmans has been a reliable partner in our Brooklyn community since day one, from local hiring of NYCHA neighbors to feeding first responders at the height of the pandemic,' said Lenny Singletary, Chairman of Community Board 2 Brooklyn. 'I'm confident Wegmans' commitment to community will serve their new neighbors in Manhattan well and foster a positive experience.'

Brokered by RIPCO Real Estate LLC, Wegmans signed an agreement with Transformco to buy out Kmart's lease at Astor Place, and entered into the long-term lease with Vornado.

About Wegmans

Wegmans Food Markets, Inc. is a 106-store supermarket chain with stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina. The family company, recognized as an industry leader and innovator, celebrated its 100th anniversary in 2016. Wegmans has been named one of the '100 Best Companies to Work For' by FORTUNE magazine for 23 consecutive years, ranking #4 in 2021.

About Vornado

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

Forward Looking Statement

Certain statements contained herein may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vornado to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of Vornado's forward-looking statements and its future results and financial condition, see 'Risk Factors' in Part I, Item 1A, of Vornado's Annual Report on Form 10-K for the year ended December 31, 2020. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on Vornado's business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on its tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in 'Item 1A. Risk Factors' in Part I of Vornado's Annual Report on Form 10-K for the year ended December 31, 2020.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 1 533 M - -
Net income 2021 99,5 M - -
Net Debt 2021 7 169 M - -
P/E ratio 2021 89,8x
Yield 2021 4,83%
Capitalization 8 601 M 8 601 M -
EV / Sales 2021 10,3x
EV / Sales 2022 9,69x
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Steven Roth Chairman & Chief Executive Officer
Michael J. Franco President & Chief Financial Officer
Robert Entin Chief Information Officer & Executive VP
Gaston Silva Chief Operating Officer
Thomas Sanelli Chief Administrative Officer & EVP-Finance
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