Vornado signs $400M refi with Citadel LLC for office building set for redevelopment in Midtown East

Vornado Realty Trust through the entity 350 Park Eat LLC as borrower signed a refi loan with lender Citadel LLC through the entity 350 Park Lender LLC valued at $400 million for the development office project at 350 Park Avenue in Midtown East, Manhattan.

On the lot, there is one active new development project, M01297618, for a 1,702,362 square-foot office building. The project was submitted by Vornado Realty Trust and filed by David Bellman with plans filed November 6, 2025 and it has not been permitted yet.
The deal closed on March 10, 2026 and was recorded on March 13, 2026. The prior lender was the securitized trust, Series 2016-350P which held debt that had an original loan amount of $400 million.The property has 536,992 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $744 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on February 28, 2020, for $33.1 million. The signatory for Vornado Realty Trust was Steven Borenstein . The signatory for Citadel LLC was Gerald A. Beeson .

Prior sales, articles and revenue

The 536,992-square-foot property generated revenue of $55.1 million or $103 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown East has 536,992 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 145 feet deep with a total lot size of 27,925 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $323.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $575 in OATH penalties in the last year.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Midtown East is the 4th most active neighborhood among other neighborhoods. It had 18.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space. There were 27 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 1,882,360 square feet of the 2,067,997 square feet. The largest owner is Vornado Realty Trust, followed by Rudin Management and then Feil Organization.
On the tax block, there was one new building construction project filed totaling 1,702,362 square feet. It is a 1,702,362 square-foot 56 building submitted by Vornado Realty Trust and filed by David Bellman with plans filed November 6, 2025 and it has not been permitted yet.

The majority, or 95 percent of the 2.1 million square feet of built space are office buildings, with mixed-use buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Vornado Realty Trust owned at least 58 commercial properties with four residential units in New York City with 16,313,029 square feet and a city-determined market value of $7 billion. (Market value is typically about 50% of actual value.) The portfolio has $8.1 billion in debt, with top three lenders as JPMorgan Chase, Goldman Sachs, and Bank of China respectively. Within the portfolio, the bulk, or 74 percent of the 16,313,029 square feet of built space are office properties, with retail properties next occupying 11 percent of the space. The bulk, or 92 percent of the built space, is in Manhattan, with Queens next at 5 percent of the space.

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