Steven Roth’s Vornado Realty Trust has pocketed a cool $107 million with the completion of a $450 million refinancing of 11 Penn Plaza, the real estate investment trust said.
The seven-year loan on the 1.1 million-square-foot office tower is interest-only at a rate of 3.95 percent, GlobeSt reported. The REIT owns about 9 million square feet of commercial space in the Penn Plaza District, where anchor tenant Macy’s inked a 646,000-square-foot extension in February.
The 23-floor building, constructed in 1923, is 391 feet high and sits across the street from Madison Square Garden. [GlobeSt] — Julie Strickland