Vornado Realty Trust is leading a partnership to buy the retail portion of the St. Regis Hotel on Manhattan’s Fifth Avenue for about $700 million, gaining space on one of the world’s most expensive shopping corridors.

The real estate investment trust joined with Crown Acquisitions, a New York-based property firm that specializes in retail space, in a deal for the stores, which have 100 feet (30 meters) of frontage on Fifth Avenue at 55th Street. The acquisition also includes an adjacent retail townhouse, Vornado said in a statement yesterday.

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