Vornado lands $60M loan on 11 East 68th Street retail

REIT bought the Upper East Side commercial space in 2012

TRD New York /
May.May 05, 2016 04:00 PM

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.


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

220 Central Park South (Credit: Getty Images)

Vornado’s 220 Central Park South closes $64M condo sale

Vornado chairman Steven Roth (Credit: Getty Images)

Vornado slashes Forever 21’s rent, dimming 2020 outlook

Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook with a rendering of the Farley development (Credit: Getty Images, SOM iStock)

Facebook facing off with Apple over space in Vornado’s Farley Building conversion

220 Central Park South and Michael Cantanucci (Credit: Getty Images and Google Maps)

Car dealer drops $38M for condo at 220 CPS

Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook in talks for massive lease at Vornado’s Farley Building

arrow_forward_ios