The Real Deal New York

Vornado seeking 220 Central Park South financing from Qatar

REIT negotiating with country's cash-rich sovereign wealth fund
May 21, 2014 09:00AM

Vornado Realty Trust is in negotiations with sovereign-wealth fund the Qatar Investment Authority to line up hundreds of millions of dollars in financing for the 950-foot condominium skyscraper planned for 220 Central Park South.

The real estate investment trust has spent roughly $510 million on the project since acquiring it in 2005. If the Qatar Investment Authority provides extra funds, Vornado would not need to spend more of its own. The tower will stand 65 stories, hold 100 units in total and is slated for a 2016 completion.
The government of Qatar paid $100 million for a townhouse at 19 East 64th Street in January, as previously reported. [WSJ]Mark Maurer