{"id":1004798600,"date":"2026-05-13T03:44:52","date_gmt":"2026-05-13T11:44:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004798600"},"modified":"2026-05-13T03:44:54","modified_gmt":"2026-05-13T11:44:54","slug":"vornado-jv-lands-161-million-for-manhattan-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-jv-lands-161-million-for-manhattan-asset\/","title":{"rendered":"Vornado JV Lands $161 million for Manhattan Asset"},"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\/2026\/05\/61-Ninth-Ave.-in-Manhattans-Meatpacking-District.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004798605\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/61-ninth-ave-in-manhattans-meatpacking-district-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/61-Ninth-Ave.-in-Manhattans-Meatpacking-District-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=\"61 Ninth Ave. in Manhattan&#8217;s Meatpacking District\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Matrix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The property rises nine stories.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/61-Ninth-Ave.-in-Manhattans-Meatpacking-District-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/61-Ninth-Ave.-in-Manhattans-Meatpacking-District-edited.jpg\" alt=\"Exterior shot of the office building at 61 Ninth Ave. in Manhattan's Meatpacking District.\" class=\"wp-image-1004798605\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/61-Ninth-Ave.-in-Manhattans-Meatpacking-District-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/61-Ninth-Ave.-in-Manhattans-Meatpacking-District-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The office property at 61 Ninth Ave. is entire leased and encloses one of the largest Starbucks locations in the world. <br><em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Vornado Realty Trust and Aurora Capital Associates have secured a $161 million refinancing loan for 61 Ninth Ave., a Class A 194,000-square-foot office property in Manhattan\u2019s Meatpacking District.<\/p>\n\n\n\n<p>Scheduled to mature in March 2029, the note carries a 3 percent interest rate in the first year, 3.35 percent in the second year and 3.85 percent for the remainder of the term.<\/p>\n\n\n\n<p>In February, the partnering companies entered into a seven-month extension with the lenders on the previous $167.5 million mortgage loan encumbering the asset, according to public records, and paid down the principal balance by $12.5 million to $155 million. The present refinancing retires that non-recourse debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-closer-look-at-61-ninth-ave\">A closer look at 61 Ninth Ave.<\/h2>\n\n\n\n<p>The nine-story office building came online in 2018 and has 20,000 square feet of retail space, three passenger elevators, a rooftop terrace and bike storage. The office component at the LEED Gold-certified property is fully leased to health insurance company Aetna, while the retail space houses one of the largest Starbucks locations in the world.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-mortgage-lenders-and-brokerage-firms\/\">2026 Top Commercial Real Estate Finance Firms<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The low-rise is one block west of the subway station at the corner of 14th St. and Eighth Avenue and close to New York State Route 9A.<\/p>\n\n\n\n<p>Class A office buildings continue to refinance successfully despite recent distress concerning office loan maturity dates due to competitive lending markets, according to <a href=\"https:\/\/www.commercialsearch.com\/news\/trepp-connect-special-report-uncertainty-is-certain\/\">Trepp Connect conference<\/a> speakers. This week, another Chelsea-area office asset became the subject of a substantial refinancing package. Namely, Brookfield Properties secured a <a href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-jv-to-land-1-9b-for-manhattan-tower\/\">$1.9 billion loan for Two Manhattan West<\/a>, a 2 million-square-foot office tower, situated north of Vornado&#8217;s asset along Ninth Avenue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property sits within the Meatpacking District.<\/p>\n","protected":false},"author":3619,"featured_media":1004798605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[33312,33030],"class_list":["post-1004798600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-aurora-capital-associates","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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