The Real Deal New York

Posts Tagged ‘1 park avenue’

  • 1 Park Avenue

    1 Park Avenue

    Vornado Realty Trust is asking roughly $650 million for its 20-story office tower at 1 Park Avenue, Bloomberg News reported, citing unnamed sources.

    Adam Spies and Douglas Harmon of Eastdil Secured were recruited to handle marketing for the property at East 33rd Street. The real estate investment trust saved the 925,000-square-foot tower from foreclosure in 2011 after paying $180 million to recapitalize and gain control of it from Norman Sturner’s Murray Hill Properties, as The Real Deal had reported at the time. [more]

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  • Charles Kushner of Kushner Companies, Vornado’s Steven Roth and 666 Fifth Avenue

    The large office and retail landlord Vornado Realty Trust is negotiating with Kushner Companies to buy a stake in 666 Fifth Avenue’s equity and is talking with representatives of the building’s lenders to cut its debt, several industry sources said.

    The real estate investment trust Vornado would pay an undefined “nine-figure” sum (meaning something between $100 million and $999 million), according to a source, for a piece of the building.

    Sources gave conflicting accounts of how far along any deal was. Several said no deal was finalized, and one said Kushner was talking with multiple potential partners such as funds. But it was clear that Kushner was actively pursuing investors in the building.

    In the spring of 2010, Kushner asked that the $1.2 billion in securitized loans on the 1.5 million-square-foot building located between 52nd and 53rd streets, be put into special servicing with LNR Partners, so that the debt could be restructured. … [more]

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  • 1 Park Avenue and, from top, Scott Rechler of RXR and Norman Sturner of Murray Hill Properties (building photo source: PropertyShark)

    Vornado Realty Trust spent a total of $180 million to recapitalize and gain control of the 925,000-square-foot office building 1 Park Avenue from Norman Sturner’s Murray Hill Properties, which was in danger of losing the property to lenders.

    The cash infusion included about $30 million in tenant improvement costs and other reserves, while at the same time Vornado secured $250 million in debt from a major investment bank, a person familiar with the deal, which closed last night, said. Murray Hill retained a small portion of the equity on the 20-story building located between 32nd and 33rd streets, the source said.

    The original capital stack was comprised of a $375 million first mortgage, $100 million in mezzanine debt held by three companies and $120 million in equity. … [more]

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