{"id":1004039786,"date":"2012-03-09T07:26:36","date_gmt":"2012-03-09T15:26:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037230"},"modified":"2022-12-06T07:21:05","modified_gmt":"2022-12-06T15:21:05","slug":"vornado-refis-nycs-100-w-33rd-for-325m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-refis-nycs-100-w-33rd-for-325m\/","title":{"rendered":"Vornado Refis NYC&#039;s 100 W. 33rd for $325M"},"content":{"rendered":"<p><strong>By Barbra Murray, Contributing Editor<\/strong><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030912-100-West-33rd-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004037231\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/033012-renaissance-arboretum-in-austin\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/033012-Renaissance-Arboretum-in-Austin.jpg\" data-orig-size=\"500,377\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"033012-Renaissance-Arboretum-in-Austin\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/033012-Renaissance-Arboretum-in-Austin.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030912-100-West-33rd-Street.jpg\" alt=\"\" title=\"030912 - 100 West 33rd Street\" width=\"236\" height=\"300\" class=\"alignright size-medium wp-image-1004037231\" \/><\/a><\/p>\n<p>Vornado Realty Trust&#8217;s flurry of activity in Manhattan continues as the REIT wraps up the refinancing of 100 West 33rd St., a mixed-use office property encompassing 1.1 million square feet. The transaction marks the completion of Vornado&#8217;s third Manhattan refinancing deal this year.<\/p>\n<p>Originally developed in 1910 and most recently upgraded in 2009, 100 West 33rd St. encompasses 847,000 square feet of office space and a 243,000-square-foot retail segment known as the Manhattan Mall. Vornado acquired the property, including 250,000 square feet of additional air rights, for $689 million in cash in early 2007. At the close of the fourth quarter of 2011, the occupancy level at the 15-story tower was 93.6 percent.<\/p>\n<p>The financing for 100 West 33rd St. came in the form of a loan currently bearing interest at 2.74 percent, or LIBOR plus 2.5 percent. Excluding the loan repayment and closing fees, Vornado pocketed $87 million on the deal.<\/p>\n<p>Over the few months, Vornado has managed to complete two other refinancing transactions in New York City. The REIT closed the $300 million refinancing of the of the 558,000-square-foot office tower at 350 Park Ave. in January, and refinanced Eleven Penn Plaza, a 1.1 million-square-foot office property, to the tune of $330 million in late December.<\/p>\n<p>It&#8217;s all part of the plan. As noted in its fourth-quarter earnings report, Vornado has nearly $1.3 billion of outstanding debt scheduled to mature in 2012, and the company intends to address the fast approaching deadlines by refinancing assets or repaying loans with its available cash-on-hand and\/or the approximately $2.3 billion available under its revolving credit facility.<\/p>\n<p>Those who can, do &#8212; refinance, that is. The number of those who cannot, however, is significant. As noted in a report by commercial real estate services firm Jones Lang LaSalle Inc., $415 billion of mortgage loans are due to mature in 2012. And maturities over the next five years will jump to between $800 billion and $1.2 trillion, according to a recent study by Ernst &amp; Young. &#8220;It is expected that many borrowers will not be able to refinance their loans due to values hovering at or below the loan amount,&#8221; as per the study. &#8220;Analysts estimate that up to a third of the maturing loans cannot be refinanced.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vornado Realty Trust&#8217;s flurry of activity in Manhattan continues as the REIT wraps up the refinancing of 100 West 33rd St., a mixed-use office property encompassing 1.1 million square feet. The transaction marks the completion of Vornado&#8217;s third Manhattan refinancing deal this year.<\/p>\n","protected":false},"author":1201,"featured_media":1004037034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21825,21742,10,21747,21749],"tags":[],"class_list":["post-1004039786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-finance","category-latest","category-northeast","category-office","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vornado Refis NYC&#039;s 100 W. 33rd for $325M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vornado-refis-nycs-100-w-33rd-for-325m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Refis NYC&#039;s 100 W. 33rd for $325M\" \/>\n<meta property=\"og:description\" content=\"Vornado Realty Trust&#039;s flurry of activity in Manhattan continues as the REIT wraps up the refinancing of 100 West 33rd St., a mixed-use office property encompassing 1.1 million square feet. 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