Vornado refis 4 Union Square South with $120M loan

Wells Fargo is the lender

New York /
Aug.August 14, 2018 03:00 PM

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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Adam Neumann with 515 West Avenue (Wikipedia, Realtor, iStock)
No buzz, but Adam Neumann will take the $293M
No buzz, but Adam Neumann will take the $293M
Photo illustration depicting landlords being outearned by their lenders (iStock)
More multifamily landlords are making less than their lenders
More multifamily landlords are making less than their lenders
RFR's Aby Rosen and 285 Madison Avenue (RFR, iStock)
RFR seeks extension on 285 Madison loan
RFR seeks extension on 285 Madison loan
HNA Group's Guoqing Chen (left), SL Green CEO Marc Holliday (right), and 245 Park Avenue (SL Green, World Travel & Tourism Council - via Wikimedia Commons, LoopNet)
HNA must pay SL Green fat sum over 245 Park Avenue
HNA must pay SL Green fat sum over 245 Park Avenue
Mayor Eric Adams and Extell's Gary Barnett (Photos by Paul Dilakian)
Real estate’s titans talk building, selling, and reinventing the city
Real estate’s titans talk building, selling, and reinventing the city
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...