Vornado to Forfeit High Point Properties?

July 26, 2010  by in UnCategorized   

By Home Furnishings Business in High Point on July 27, 2010

Vornado Realty Trust wants to forfeit its High Point furniture showroom holdings to creditors, the Wall Street Journal reported Tuesday.

Merchandise Mart Properties Inc., which manages Market Square & Suites, Plaza Suites, Furniture Plaza, National Furniture Mart, Hamilton Market, and the 300 S. Main building in High Point, is a wholly owned subsidiary of Vornado Realty Trust.

MMPI's High Point properties total more than 2 million square feet.

The Journal reported that Vornado is more than 90 days delinquent on its $191 million High Point mortgage, and is offering to forfeit the property there to J.E. Robert Cos., the special servicer overseeing the mortgage.