NEW YORK–Vornado Realty Trust has entered into an agreement to acquire a retail condominium located at 666 Fifth Avenue at 53rd Street for approximately $707 million.

The purchase will be funded with property level debt and proceeds from asset sales and is expected to close in the fourth quarter of 2012.

Offering 126 ft. of frontage on Fifth Avenue, 666 Fifth Avenue spans 1140,000 sq. ft. of space, 39,000 sq. ft. in fee and 75,000 sq. ft. by long-term lease from the 666 Fifth Avenue office condominium, 49.5 percent owned by Vornado. This retail space is leased to Uniqlo, Hollister and Swatch.