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Vornado lands $60M loan on 11 East 68th Street retail
REIT bought the Upper East Side commercial space in 2012
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.