{"id":1004295428,"date":"2019-01-31T03:39:05","date_gmt":"2019-01-31T11:39:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004295428"},"modified":"2019-02-04T03:52:34","modified_gmt":"2019-02-04T11:52:34","slug":"vornado-completes-168m-refi-of-nyc-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-completes-168m-refi-of-nyc-office-building\/","title":{"rendered":"Vornado Completes $168M Manhattan Office Refi"},"content":{"rendered":"
\"61<\/a>

61 Ninth Ave.<\/p><\/div>\n

A joint venture that\u2019s 45.1 percent-owned by Vornado Realty Trust has completed a $167.5 million refinancing of 61 Ninth Ave. in Manhattan\u2019s Meatpacking District.<\/p>\n

Rafael Vi\u00f1oly Architects designed the newly constructed nine-story, 170,000-square-foot, Class A office building. The office space is fully leased to Aetna<\/a>, and its retail component is home to the world\u2019s largest Starbucks store<\/a>.<\/p>\n

The seven-year, interest-only loan carries a rate of LIBOR plus 1.35 percent (currently 3.79 percent) and matures in January 2026. Vornado reportedly realized net proceeds of about $31 million in the transaction. The loan replaces the previous $90 million construction loan, which bore interest at LIBOR plus 3.05 percent and was scheduled to mature in 2021.<\/p>\n

A Vornado spokesperson declined to provide additional information requested by Commercial Property Executive<\/em>.<\/p>\n

The property is subject to a 101-year unsubordinated net ground lease held by Prince Lumber, the previous occupant of the site, according to Yardi Matrix.<\/p>\n

Class A surge spurs rents<\/h2>\n

The average Class A asking rent in Manhattan\u2019s Midtown South \u201cjumped 10 percent in the third quarter to $93.40 due to the completion of several new Class A office buildings in the Meatpacking\/Chelsea area<\/em>,\u201d according to a third-quarter 2018 report from the Alliance for Downtown New York.<\/p>\n

That reportedly was a key factor in Lower Manhattan\u2019s overall average asking rent having hit $63.70 per square foot, a new record and the second record-setting quarter in a row, also per the ADNY report.<\/p>\n

Image courtesy of Vornado<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The newly constructed 170,000-square-foot property in the Meatpacking District had been fully preleased before completion. Aetna took the office space, while the property also features one of the world\u2019s largest Starbucks.<\/p>\n","protected":false},"author":882,"featured_media":1004295437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21808,1600,21742,10,21747],"tags":[36519,36524,35553,33030],"class_list":["post-1004295428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-aetna","tag-rafael-vinoly-architects","tag-starbucks","tag-vornado-realty-trust"],"acf":[],"yoast_head":"\nVornado Completes $168M Manhattan Office Refi - 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-completes-168m-refi-of-nyc-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Completes $168M Manhattan Office Refi\" \/>\n<meta property=\"og:description\" content=\"The newly constructed 170,000-square-foot property in the Meatpacking District had been fully preleased before completion. 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