New Jersey-based Vornado Realty Trust announced earlier this week that it has entered into an agreement to acquire Hicksville's 1.2 million square foot Broadway Mall. In addition to purchasing the mall for $57.2 million, Vornado will also assume $95.8 million in existing debt from the current owner, Atlanta-based Gregory Greenfield & Associates, therefore bringing the total purchase price up to as much as $153 million, according to a press release posted on the company's website (www.vno.com).

According to the website, Vornado Realty Trust is the owner of 96 retail properties in seven states and Puerto Rico, including more than 50 in the tri-state area. Locally, the company owns Green Acres Mall in Valley Stream, Kings Plaza Shopping Center in Brooklyn and shopping centers throughout Nassau County, Queens, Staten Island and Manhattan.

The purchase of the Broadway Mall is subject to lender approval and customary closing conditions. If approved, the purchase is expected to close in the fourth quarter of 2005, according to the press release.

- V.A.C.