Vornado and partners borrow $800M from Citibank, Goldman Sachs, others at 650 Madison

Vornado Realty Trust, Oxford Properties Group, Crown Acquisitions and Highgate through the entity 650 Madison Owner LLC as borrower signed a loan agreement with lender Citibank, Barclays, Goldman Sachs and BMO Harris Bank valued at $800.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 650 Madison Avenue in Lenox Hill. The deal closed on November 26, 2019 and was recorded on December 5, 2019.
The property contains a total of 523,000 square feet of built space.
The average loan per square foot is $1,529.
The last time the property sold was September 30, 2013, for $1,294,231,048.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 16, 2017.
Over the past five years, there have been 95 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,833,370. There were 93 renovation/alteration projects (A2) applied for with a total estimated value of $26,915,344.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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