Vornado to Shutter Times Square Virgin Megastore

Vornado to Shutter Times Square Virgin Megastore
June 30, 2008

Vornado Realty Trust plans to close the Times Square Virgin Megastore as part of its plans to scale back redevelopment of Madison Square Garden, according to Reuters.com. The store will close in the first quarter of 2009. Virgin Megastore pays $54 per sq. ft., though the market rent in the area is around $700 per sq. ft., said Sandeep Mathrani, Vornado's executive vice president. Vornado and Related Cos. bought Virgin Magestores North America last year "to wind it down to get a hold of the real estate," Mathrani said.

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