Deal sheet    Single Deal
1 Park Avenue|Sales|02/20/2011
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Square feet 925,000
  • Price $ 180,000,000
  • Price per foot $ 194.59
  • Borough Manhattan
  • Neighborhood Kips Bay
  • Publication Date 04/01/2011
Vornado spent $180 million to recapitalize and gain control of the building from Murray Hill Properties, which was in danger of losing the property to lenders. The cash infusion included about $30 million in tenant improvement costs and other reserves, while at the same time Vornado secured $250 million in debt from a major investment bank, a person familiar with the deal, which closed last month, said. Murray Hill retained a small portion of the equity on the building. The original capital stack was comprised of a $375 million first mortgage, $100 million in mezzanine debt held by three companies and $120 million in equity.