{"id":1004716764,"date":"2024-06-11T04:29:35","date_gmt":"2024-06-11T12:29:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004716764"},"modified":"2024-06-11T07:22:27","modified_gmt":"2024-06-11T15:22:27","slug":"vornado-lands-400m-refi-for-manhattan-mixed-use-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-manhattan-mixed-use-tower\/","title":{"rendered":"Vornado Lands $400M Refi for Manhattan Mixed-Use Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004716767\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-manhattan-mixed-use-tower\/640-fifth-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/640-Fifth-Ave-e1718099523963.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" 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;\\u00a9 Yardi Systems, Inc.&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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"640 Fifth Ave\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;640 Fifth Ave. underwent a full redevelopment in 2004. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/640-Fifth-Ave-e1718099523963.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/640-Fifth-Ave-e1718099523963.jpg\" alt=\"640 Fifth Ave\" class=\"wp-image-1004716767\" style=\"object-fit:cover;width:400px;height:300px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/640-Fifth-Ave-e1718099523963.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/640-Fifth-Ave-e1718099523963.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption class=\"wp-element-caption\">640 Fifth Ave. underwent a full redevelopment in 2004. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Vornado Realty Trust has secured a $400 million refinancing for 640 Fifth Ave., a mixed-use office and retail property in Manhattan spanning 315,000 square feet. The interest-only, non-recourse note has a fixed rate of 7.47 percent, and carries a July 2029 maturity term.<\/p>\n\n\n\n<p>The financing retires a $500 million loan from 2019, originated by Bank of China, according to CommercialEdge data. Fully guaranteed by Vornado, this previous note carried a 3.07 percent fixed rate and was due this June.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/office-absorption-to-stay-negative-through-2025\/\">Office Absorption to Stay Negative Through 2025<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Vornado has a 52 percent stake in a joint venture owning multiple commercial properties in Times Square and on the Upper Fifth Avenue. In 2019, the company sold a 45.4 percent ownership stake in the portfolio to Crown Acquisitions, for $1.2 billion.<\/p>\n\n\n\n<p>Completed in 1950, the building at 640 Fifth Ave. underwent a full redevelopment in 2004, designed by Kohn Pedersen Fox. It rises 22 stories, including three stories of retail, with floorplates ranging from 9,200 to 20,000 square feet. It is also LEED certified. Major office tenants include Fidelity Investments and Owl Creek Asset Management, while part of the retail side is occupied by Dyson and Victoria\u2019s Secret.<\/p>\n\n\n\n<p>Located on Fifth Avenue\u2019s upper side, the building is next to Rockefeller Center and St Patrick\u2019s Cathedral. It is also within walking distance of the 5 Av\/53 St. subway station, among other public transit options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-office-market-s-performance\">Manhattan office market&#8217;s performance<\/h2>\n\n\n\n<p>As of April, the asking rate in Manhattan clocked in at $69.72, maintaining the borough\u2019s position as the priciest market in the U.S., but marking a 5.8 percent year-over-year drop, according to <a href=\"https:\/\/www.commercialsearch.com\/news\/office-distress-risks-rising\/\">a recent CommercialEdge report<\/a>. The vacancy rate also reached 17.6 percent, climbing 80 basis points over 12 months.<\/p>\n\n\n\n<p>In one of Manhattan&#8217;s largest recent financing deals, Vornado and its joint venture partner SL Green Realty Corp. secured a two-year extension for a <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-and-vornado-score-1b-loan-extension-for-nyc-trophy-tower\/\">$1.1 billion securitized mortgage <\/a>for a 1.3 million-square-foot tower in the borough\u2019s Midtown area. The loan was slated to mature in September 2024, and the partners retained the option to further expand the maturity date through 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The funds retire a $500 million loan from 2019.<\/p>\n","protected":false},"author":3120,"featured_media":1004716767,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21752,1600,21742,10,21747],"tags":[47276,45323,33717,33030],"class_list":["post-1004716764","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","category-office","tag-bank-of-china","tag-crown-acquisitions","tag-kohn-pedersen-fox","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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