NEW YORK CITY—Vornado Realty Trust reports it has sold its 45.4% equity interest in a portfolio of retail assets on Upper Fifth Avenue and Times Square to a group of institutional investors led by Crown Acquisitions Inc. in a deal that values the portfolio at $5.556 billion.
In connection with the deal, Vornado also reports that Haim Chera, 50, has left the family-owned Crown Acquisitions to join Vornado as its EVP- head of retail.
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