The Real Deal New York

Vornado refis 4 Union Square South with $120M loan

Wells Fargo is the lender
By Will Parker | August 14, 2018 03:00PM

4 Union Square South store fronts and Steve Roth (Credit: Vornado and Getty Images)

Vornado Realty Trust refinanced the retail building at 4 Union Square South with a $120 million loan from Wells Fargo, records filed Tuesday with city’s Department of Finance show.

The debt replaced a previous loan that also came from Wells Fargo back in 2012.

Vornado redeveloped the building in 2005 into a 200,000-square-foot shopping center. Key tenants include Whole Foods and Burlington Coat Factory, the latter of which occupies more than 90,000 square feet and marked the largest Manhattan retail lease of 2012. More than 30,000 square feet of space across three retail units is currently available for lease, according to Vornado’s website.

In June, the real estate investment trust announced it would sell its minority stake in 666 Fifth Avenue to its majority partner, Kushner Companies, a move the company said would net it $120M in proceeds from the sale. Kushner Companies is ceding control of the tower to Brookfield Asset Management for an undisclosed sum.