10 unchanged sentences
(“Bloomberg”) occupies all of the office space.
−Removed: The Home Depot (83,000 square feet) and The Container Store (34,000 square feet) are the principal retail tenants;
+Added: The Home Depot (83,000 square feet) is the principal retail tenant;
• Rego Park I, a 338,000 square foot shopping center, located on Queens Boulevard and 63 rd Road in Queens.
−Removed: On April 4, 2017, Sears closed its 195,000 square foot anchor store at the property ($10,300,000 of annual revenue).
−Removed: On October 15, 2018, Sears filed for Chapter 11 bankruptcy relief and rejected its lease.
−Removed: On September 23, 2019, we leased 113,000 square feet at the property to IKEA Property, Inc.
−Removed: (“IKEA”), replacing a significant portion of the space formerly occupied by Sears.
−Removed: The center is also anchored by a 50,000 square foot Burlington, a 46,000 square foot Bed Bath & Beyond and a 36,000 square foot Marshalls;
+Added: The center is anchored by a 112,000 square foot IKEA, a 50,000 square foot Burlington, a 46,000 square foot Bed Bath & Beyond and a 36,000 square foot Marshalls;
• Rego Park II, a 609,000 square foot shopping center, adjacent to the Rego Park I shopping center in Queens.
−Removed: The center is anchored by a 145,000 square foot Costco, a 135,000 square foot Century 21 and a 133,000 square foot Kohl’s.
−Removed: On April 13, 2019, Kohl’s closed its store at the property.
−Removed: On January 24, 2020, Kohl’s subleased its store to At Home and remains obligated under its lease which expires in January 2031;
+Added: The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subleased.
+Added: On September 10, 2020, Century 21 ($6,400,000 of annual revenue) filed for Chapter 11 bankruptcy and closed its 135,000 square foot store on December 7, 2020;
• The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet;
−Removed: Paramus, located at the intersection of Routes 4 and 17 in Paramus, New Jersey, consists of 30.3 acres of land that is leased to IKEA;
+Added: • Paramus, located at the intersection of Routes 4 and 17 in Paramus, New Jersey, consists of 30.3 acres of land that is ground leased to IKEA;
• Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is sub-leased to New World Mall LLC for the remainder of our ground lease term.
3 unchanged sentences
We are managed by, and our properties are leased and developed by, Vornado, pursuant to various agreements which expire in March of each year and are automatically renewable.
−Removed: Vornado is a fully-integrated REIT with significant experience in managing, leasing, developing, and operating retail and office properties.
−Removed: Relationship with Vornado - continued
+Added: Vornado is a fully-integrated REIT with significant experience in managing, leasing, developing, and operating office and retail properties.
As of December 31, 2020, Vornado owned 32.4% of our outstanding common stock.
3 unchanged sentences
(who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.1% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado.
−Removed: Joseph Macnow, our Treasurer, is the Executive Vice President - Chief Financial Officer and Chief Administrative Officer of Vornado.
Matthew Iocco, our Chief Financial Officer, is the Executive Vice President - Chief Accounting Officer of Vornado.
11 unchanged sentences
Our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due.
−Removed: We currently have 69 employees.
+Added: Human Capital Resources
+Added: Since we are externally managed by Vornado, we do not have separate employees that provide management, leasing and development services.
+Added: We currently have 70 property-level employees who provide cleaning, engineering and security services.
+Added: Our employees are managed by Vornado in accordance with its employee policies and they have access to Vornado’s benefits, training and other programs.
Executive Office
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.