Vornado pays $50M to reduce debt to $300M secured by One Beacon Ct. retail

Vornado Realty Trust paid $50 million to reduce the debt secured by two retail condominium units at One Beacon Court from $350 million to $300 million. The original loan given by JPMorgan Chase Bank in 2015 was for $350 million. At same time that the loan was paid down, the maturity date was extended.

Vornado Realty Trust through the entity 731 Retail One LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $300 million for 2 parcels, including the tax class commercial condominium unit (R5) at One Beacon Court at 151 East 58th Street also known as 731 Lexington Avenue in Plaza District. The deal closed on September 14, 2020 and was recorded on October 20, 2020.
The property contains a total of 150,328 square feet of built space.
The average loan per buildable square foot is $1,880.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Natalya M. Robles