{"id":1004372870,"date":"2019-12-03T06:26:16","date_gmt":"2019-12-03T14:26:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004372870"},"modified":"2019-12-03T07:35:59","modified_gmt":"2019-12-03T15:35:59","slug":"vornado-jv-closes-800m-refi-for-madison-avenue-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-jv-closes-800m-refi-for-madison-avenue-tower\/","title":{"rendered":"Vornado JV Closes $800M Refi for Madison Avenue Tower"},"content":{"rendered":"
\"650<\/a>

650 Madison Avenue. Image via Google Street View<\/em><\/p><\/div>\n

A joint venture owned 20.1 percent by Vornado Realty Trust has completed an $800 million refinancing of 650 Madison Avenue in Manhattan. The 10-year interest-only loan carries a fixed rate<\/a> of 3.486 percent and matures in December 2029. The refinancing replaces a previous $800 million loan that bore interest at a fixed rate of 4.39 percent and was scheduled to mature in October 2020.<\/p>\n

\n

READ ALSO:<\/strong> Vornado Refinances NYC Mixed-Use for $580M<\/a> <\/p>\n

\n

The 27-story, 600,000 square foot, Class A Manhattan office property with street-level retail was completed in 1987, underwent a cosmetic renovation in 2013 and currently has a mere 1.1 percent vacancy rate, according to Yardi Matrix data. One of the tower\u2019s major tenants is Ralph Lauren, at 274,000 square feet, and Sotheby\u2019s International Realty, which occupies 37,800 square feet.<\/p>\n

Vornado\u2019s announcement provided no information about the lenders and Vornado did not reply to Commercial Property Executive<\/em>\u2019s request for that and other information.<\/p>\n

Interest rates down, rents up<\/h2>\n

Given current interest rate conditions, it\u2019s no surprise that Vornado has been on a steady roll of refis. In January, a joint venture owned 45.1 percent by Vornado closed a $167.5 million refinance<\/a> of 61 Ninth Ave. in Manhattan\u2019s Meatpacking District. The following month, Vornado completed a $580 million interest-only refi of the 1.1-million-square-foot, mixed-use property at 100 W 33rd St. in Midtown.<\/p>\n

It\u2019s a good time to be an office landlord in Manhattan, according to a third-quarter report from Newmark Knight Frank. Average asking rents hit a record $79.25 per square foot, $2.3 higher than in the second quarter. The increase came in tandem with an above-average 10.6 million square feet of leasing activity and despite availability nudging up a bit, to 11.8 percent, also per NKF.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new fixed-rate loan on the 600,000-square-foot Manhattan office building has a substantially lower interest rate and matures nearly 10 years later than the loan it replaces. <\/p>\n","protected":false},"author":882,"featured_media":1004372876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[33030],"class_list":["post-1004372870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-vornado-realty-trust"],"acf":[],"yoast_head":"\nVornado JV Closes $800M Refi for Madison Avenue Tower - 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-jv-closes-800m-refi-for-madison-avenue-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado JV Closes $800M Refi for Madison Avenue Tower\" \/>\n<meta property=\"og:description\" content=\"The new fixed-rate loan on the 600,000-square-foot Manhattan office building has a substantially lower interest rate and matures nearly 10 years later than the loan it replaces.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-closes-800m-refi-for-madison-avenue-tower\/\" \/>\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=\"2019-12-03T14:26:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-03T15:35:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/650-Madison-Avenue.-Image-via-Google-Street-View.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1327\" \/>\n\t<meta property=\"og:image:height\" content=\"995\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\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-jv-closes-800m-refi-for-madison-avenue-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-closes-800m-refi-for-madison-avenue-tower\/\",\"name\":\"Vornado JV Closes $800M Refi for Madison Avenue Tower - 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