Steven Roth’s Vornado Realty Trust completed a $580 million refinancing of 100 West 33rd Street, netting a hefty profit of $242 million.
A spokesperson for the real estate investment trust declined to identify the lender. The 13-story, 1.1 million-square-foot, mixed-use complex is comprised of 851,000 square feet of office space, and 256,000 square feet of retail space in the form of the Manhattan Mall. Vornado bought a 95 percent stake in the building in 2007 for $689 million.
The company also refinanced the building’s mortgage on two previous occasions, in 2012 for $325 million, and in 2007 for $232 million. The loan is interest only and matures five years from now.
The firm, along with several other major REITs, reported a negative return in the second quarter, of -14.72 percent, and saw their stock price drop 15.24 percent over the period. It was downgraded by Goldman Sachs earlier this month. – Ariel Stulberg