Vornado and SL Green, two of New York’s biggest REITs, have agreed to buy $400 million in debt from Broadway Partners and Investcorp on the 1.2 million-square-foot complex at 280 Park Avenue.
Broadway and Investcorp bought the building for $1.2 billion in 2007, in one of the most expensive building purchases that heady year. In more recent news, the Read More
Vornado Realty Trust, has completed a $425 million refinancing for Two Penn Plaza, the office tower atop Penn Station and Madison Square Garden.
The public office and retail investment trust, one of the city’s most prominent developers, announced the new seven-year loan in a press release, but it did not disclose the source. It said Read More
“Everybody’s bitchin’ because there’s been too much competition.”
And so Newmark Knight Frank’s Jimmy Kuhn kicked off the star panel at this year’s Capital Markets in Real Estate Global Markets Recovery with an unintential real estate rap.
Sadly, not all real estate gurus can rhyme, but everyone’s got some talent. We bring you the juicy Read More
In New York, the skyline sometimes recedes, but it never disappears entirely. Height, like money and power, is among the city’s eternally recurring preoccupations, a kind of suspended totem of commerce, the skyline’s residual tic. The skyline, after all, is not viscerally experienced so much as occasionally glimpsed and secreted away, stowed as eight million Read More
Looks like Boston Mayor Tom Menino has not cooled off very much on the subject of Vornado.
Earlier this year, the mayor, upset about the stalled progress at a half-demolished, prime, Vornado-owned development site in downtown Boston, proclaimed his rage about comments made by Vornado chairman Steve Roth, who indicated he had encouraged blight on Read More
The full City Council has approved a 1,200-foot office tower planned by Vornado Realty Trust to rise atop the Hotel Pennsylvania, two blocks from the Empire State Building.
The vote came this afternoon, less than two weeks after Empire State Building owner Anthony Malkin launched a public push to block the skyscraper, warning it Read More
The owners of the Empire State Building today released a poll that queried people around the country about the place of the skyscraper in New York City’s skyline.
The point of the poll was to show that indeed this building has an iconic place in Americans’ vision of New York, and that changing the skyline would be Read More
democracy or something like it
For those who have strong feelings on whether Vornado chairman Steven Roth should be able to build a 1,200-foot tower two blocks away from the 1,250-foot Empire State Building, there’s now an outlet.
Over at the Municipal Art Society’s Web site, there’s an online poll.
Now one day in, things are running pretty even. With Read More
Count Tony Malkin as apparently not a fan of Steve Roth’s planned tower in place of the Hotel Pennsylvania.
In public testimony submitted to the City Planning Commission in June (recently posted online; page 7), Mr. Malkin, president of Malkin Properties and an owner of the Empire State Building, subtly lashed out against the Read More
Steve Roth’s plan for what would be the city’s third tallest tower, across from Penn Station on the site of the current Hotel Pennsylvania, just got a boost, as Borough President Scott Stringer on Wednesday gave his conditional approval for the proposal.
The planned 1,200-foot skyscraper—which is theoretical in that it would not likely be Read More
