{"id":1004300474,"date":"2019-02-18T03:16:12","date_gmt":"2019-02-18T11:16:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004300474"},"modified":"2021-05-15T03:59:21","modified_gmt":"2021-05-15T11:59:21","slug":"vornado-refinances-nyc-mixed-use-for-580m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-refinances-nyc-mixed-use-for-580m\/","title":{"rendered":"Vornado Refinances NYC Mixed-Use for $580M"},"content":{"rendered":"
\"\"<\/a>

100 W. 33rd St.<\/p><\/div>\n

Vornado Realty Trust has completed the refinancing of a 1.1 million-square-foot office and retail property in Midtown Manhattan, for $580 million. The transaction marks the third time the REIT has refinanced the mixed-use asset in seven years. The financing consists of an interest-only loan bearing interest at LIBOR plus 1.55 percent, currently 4.06 percent.<\/p>\n

Standing at 12 stories at 100 W. 33rd St. in the Penn Station district, the asset encompasses 850,000 square feet of office space and the roughly 250,000-square-foot Manhattan Mall. The property is well leased, buoyed by an ever-growing commitment from its office tenant.<\/p>\n

As David Greenbaum, president of Vornado Realty Trust\u2019s New York division, noted during the REIT\u2019s fourth quarter 2018 earnings conference call on February 12, \u201cThe Interpublic Group expanded again at 100 W. 33rd St. by 44,000 square feet, bringing IPG’s total footprint there to 662,000 square feet.\u201d<\/em><\/p>\n

Vornado has owned 100 W. 33rd St. since acquiring the building and 250,000 square feet of additional air rights for $689 million in cash in 2007. In 2012, the REIT refinanced the property with a $325 million loan bearing interest at LIBOR plus 2.5 percent and repeated the process in 2015<\/a> with a $580 million, interest-only loan carrying a rate of LIBOR plus 1.65 percent.<\/p>\n

Vornado\u2019s latest refinancing replaces the 2015 loan, which was scheduled to mature in 2020, The new mortgage, due to mature in April 2024, comes with an option for two one-year extensions. <\/p>\n

Staggering maturities<\/h2>\n

The new transaction marks Vornado\u2019s second refinancing announcement of 2019. The company\u2019s joint venture refinanced the recently completed mixed-use<\/a> property dubbed 61 Ninth Avenue with a $167.5 million loan in January. Debt on three additional assets\u2014220 Central Park South, PENN11 and 888 Seventh Avenue\u2014is scheduled to mature in 2020.<\/p>\n

In 2018, Vornado completed the refinancing of five assets with loans totaling nearly $1.4 billion.  <\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT secured an interest-only loan to replace a 2015 mortgage on the approximately 1 million-square-foot property in Midtown Manhattan. <\/p>\n","protected":false},"author":969,"featured_media":1004300489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21752,1600,21742,10],"tags":[44198,33030],"class_list":["post-1004300474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-mixed-use","category-new-york","category-latest","category-northeast","tag-interpublic-group","tag-vornado-realty-trust"],"acf":[],"yoast_head":"\nVornado Refinances NYC Mixed-Use for $580M - 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-refinances-nyc-mixed-use-for-580m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Refinances NYC Mixed-Use for $580M\" \/>\n<meta property=\"og:description\" content=\"The REIT secured an interest-only loan to replace a 2015 mortgage on the approximately 1 million-square-foot property in Midtown Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-refinances-nyc-mixed-use-for-580m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-18T11:16:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T11:59:21+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/100-W.-33rd-St.-2.png\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vornado-refinances-nyc-mixed-use-for-580m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vornado-refinances-nyc-mixed-use-for-580m\/\",\"name\":\"Vornado Refinances NYC Mixed-Use for $580M - 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