Dec
22

Vornado Scores Big at Vintage Manhattan Building

By
The company received $192 million from the refinancing proceeds in repayment of multiple loans to Related.

85 Tenth Ave in Manhattan85 Tenth Ave. in Manhattan

New York—As part of a $625 million refinancing of 85 Tenth Ave. in Manhattan, Vornado Realty Trust has received $192 million and a 49.9 percent interest in the 11-story, 168,000-square-foot building.

Vornado received the $192 million from the refinancing proceeds in repayment of multiple loans to Related. In 2007, Vornado made $50 million in 11 percent payment-in-kind mezzanine loans, and in 2013 and 2014 the REIT funded an additional $23 million.

In conjunction with the repayment, in the fourth quarter Vornado will recognize a financial statement gain of approximately $161 million and no tax gain…

Vornado Scores Big at Vintage Manhattan Building

Share
Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.