One Park Avenue
From the July issue: “‘We are going to have a gun to our head,’” one real estate insider recalled top Vornado Realty Trust executive Glen Weiss saying, once the office giant decided to
go ahead with its acquisition of One Park Avenue.
In order to buy and recapitalize the building, Vornado had only weeks to nail down a large lease expansion with NYU Langone Medical Center, pay off mezzanine lenders, secure the first mortgage lender, and work out a deal with Murray Hill Properties and Cerberus Capital Management, the property’s owners.
It was sometime in January of this year, according to sources, that Vornado got serious about acquiring the building, which was underwater, as many Midtown properties were. One Park had been purchased at the peak of the market in 2007 by Murray Hill and Cerberus for $550 million. [more]
