The Real Deal New York

This three-story building on the corner of 34th Street and Seventh Avenue is fully leased to Swedish retailer H&M, which operates a 43,000-square-foot store. Market observers in 2010 credited the arrival of H&M, brought in by building owner Vornado Realty Trust, with helping to improve the area. Vornado controls about 9 million square feet in the Penn Plaza area, with buildings such as One Penn Plaza and Two Penn Plaza; its holdings include about 780,000 square feet of retail space, such as the Manhattan Mall. About 600,000 commuters pass through Penn Station daily, in addition to tourists drawn by attractions such as Madison Square Garden.

Germanys Landesbank Baden-Wôrttemberg in 2012 provided $98 million of refinancing on the building, with Vornado retaining net proceeds of about $44 million. The seven-year loan bears interest at LIBOR plus 2.25% (2.46% at December 31, 2012).

-NE