We estimate its total revenues to increase 1.8% and 2.4% year over year in 2025 and 2026, respectively.Vornado Realty is focused on improving its core business by making opportunistic developments and divestitures, in addition to business spin-offs. Strategic sell-outs provide the company with the dry powder to reinvest in opportunistic developments and redevelopments.In May 2025, Vornado Realty announced that its 55% owned joint venture (JV) had entered into an agreement to sell 512 West 22nd Street, a 173,000-square-foot Class A office building, for $205 million. Subject to customary closing conditions, the sale is expected to close in the third quarter of 2025. In January 2025, the company's JV completed the sale of the portion of its U.S. flagship store at 666 Fifth Avenue to UNIQLO for $350 million and realized net proceeds of $342 million.