The Real Deal New York

Vornado lands $60M loan on 11 East 68th Street retail

REIT bought the Upper East Side commercial space in 2012

May 05, 2016 04:00PM
By Konrad Putzier

From left: CEO of DekaBank Michael Rüdiger, 11 East 68th Street in Lenox Hill and Steven Roth

From left: CEO of DekaBank Michael Rüdiger, 11 East 68th Street in Lenox Hill and Steven Roth

Vornado Realty Trust refinanced three retail units at 11 East 68th Street with a $60 million loan from German lender Dekabank, property records filed with the city Thursday show.

The Steve Roth-led REIT took over the 109,000-square-foot building on the Upper East Side in 2012 along with Ziel Feldman’s HFZ Capital Group for $170 million. HFZ acquired the building’s 41 apartments, while Vornado bought the retail space, which features a 100-foot storefront on Madison Avenue.

The building’s commercial space includes three retail condos with a combined 10,855 square feet.

Dekabank Deutsche Girozentrale is the asset management subsidiary of a network of German publicly owned local banks – known as Sparkassen. In 2010, the lender filed to foreclose on the W Hotel Union Square after its owner, Istithmar World, foreclosed on a $60 million mezzanine loan.

Vornado, one of the country’s largest publicly traded real estate investment trusts, announced this week that is is partnering up with Related Companies on a bid to develop Moynihan Station.

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