{"id":1004768337,"date":"2025-08-13T03:51:24","date_gmt":"2025-08-13T11:51:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004768337"},"modified":"2025-08-19T02:50:17","modified_gmt":"2025-08-19T10:50:17","slug":"vornado-secures-120m-for-manhattan-retail","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-secures-120m-for-manhattan-retail\/","title":{"rendered":"Vornado Secures $120M for Manhattan Retail"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/4-Union-Square-South-in-Manhattan.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004768340\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/4-union-square-south-in-manhattan-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/4-Union-Square-South-in-Manhattan-edited.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=\"4 Union Square South in Manhattan\" data-image-description=\"&lt;p&gt;Shot of 4 Union Square South, courtesy of Yardi Research Data.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Shot of 4 Union Square South, courtesy of Yardi Research Data.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/4-Union-Square-South-in-Manhattan-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/4-Union-Square-South-in-Manhattan-edited.jpg\" alt=\"Exterior shot of 4 Union Square South, a 204,000-square-foot retail property in Manhattan.\" class=\"wp-image-1004768340\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/4-Union-Square-South-in-Manhattan-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/4-Union-Square-South-in-Manhattan-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The tenant roster at 4 Union Square S. features one of New York City&#8217;s first Whole Foods Market stores. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Vornado Realty Trust has secured a $120 million refinancing loan for 4 Union Square S., a 204,000-square-foot retail property in Manhattan. A private lender provided the 10-year note bearing a fixed rate of 5.64 percent, according to Yardi Research Data.<\/p>\n\n\n\n<p>Proceeds retire the existing $120 million loan issued by Wells Fargo Bank in 2018, the same source shows. That note was due to mature this August.<\/p>\n\n\n\n<p>Manhattan&#8217;s retail market maintained a steady rhythm in the second quarter of this year, with apparel and food and beverage tenants as activity drivers, according to <a href=\"https:\/\/www.cbre.com\/insights\/figures\/manhattan-retail-figures-q2-2025\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">a recent report by CBRE<\/a>. June saw average asking rents in the borough rise to $670 per square foot, up 2.0 percent from the previous quarter but down 6.0 percent year-over-year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-union-square-park-retail-property\">A Union Square Park retail property<\/h2>\n\n\n\n<p>Vornado acquired 4 Union Square S. in 1993 for $17 million. Originally competed in 1971 as a single department store property, the retail center underwent a complete redevelopment under the new ownership, which finalized in 2005. The tenant roster at the six-story property features DSW Shoes, Burlington Coat Factory, Sephora, Five Below and one of New York City\u2019s first Whole Foods Market stores.<\/p>\n\n\n\n<p>Located at the southern end of Union Square Park, between Broadway and Park Avenue South, 4 Union is adjacent to the subway station on the L train, as well as across the street from a Best Buy store. Downtown Manhattan is some 3 miles away.<\/p>\n\n\n\n<p>Street retail in the U.S. is currently on track to making a full recovery from the pandemic, according to CBRE, and foot traffic levels in prime trade areas are expected to surpass pre-2019 levels by the end of the year. Demand for <a href=\"https:\/\/www.commercialsearch.com\/news\/street-retail-surges-toward-full-recovery\/\">high street retail<\/a> remains steady but selective, with retailers often waiting years for ideal locations. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The building is home to one of New York City&#8217;s first Whole Foods stores.<\/p>\n","protected":false},"author":3619,"featured_media":1004768340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21749],"tags":[33030],"class_list":["post-1004768337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-retail","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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